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Aviva pulls adviser hospitality over inducements concerns

Aviva has pulled its corporate hospitality for advisers in the wake of FCA inducements rules.

Last month, the FCA issued final guidance on inducements and conflicts of interest which banned advisers from extravagant hospitality.

Aviva’s changes will affect any adviser offering investments, protection or pensions.

Advisers and providers have to ensure all hospitality is reasonable, benefits clients and there is not a better way of helping clients. Overseas trips and expensive overnight stays without a clear purpose are not allowed.

Other providers are examining the paper to ensure they comply. They have three months to make changes or face FCA action.

An Aviva spokeswoman says: “The FCA has issued guidance on its position on hospitality for distributors. Following this new clarification, we have decided not to host hospitality events for our life distributors. This is to ensure that both Aviva and our distributors adhere to the FCA’s ruling on this matter.”

In January, Sesame pulled its adviser roadshows in the wake of the new rules.

Yesterday Openwork defended its decision to hold a conference in Rio de Janeiro for over 100 of its top advisers.

The network, which is 25 per cent owned by Zurich, said it fully funds the conference itself. It adds the event is part of an ongoing engagement programme to enable advisers to share ideas and best practice. 

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. A true example of a regulator focused on the big issues facing financial services. Arch Cru, Keydata, PPI, credit insurance and Harlequin ALL COMPLETELY MISSED but they’ve stooped those pesky advisers getting the odd freebie…

    …their Mother must be so proud.

  2. What is the betting the FCA will still have board meetings at expensive hotels for the board members. A few rounds of golf afterwards as of course that is not excessive entertaining

  3. Nice to see Aviva have at last found a way to save money that doesn’t involve sacking loads of staff.

  4. Do I have to give my Aviva mouse mat back then?

  5. Why just the life distributors?
    The general insurance side are regulated by FCA too?

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