The Irish hospitality industry is likely to be hit hard as a UK financial watchdog said it was clamping down on financial firms offering freebies such as tickets to GAA, rugby, soccer, and golf events.
The Financial Conduct Authority clampdown does not directly affect companies and individuals in the Republic, but banks, brokers and all types of regulated firms here which have dealings with Britain will be expected to record all hospitality, no matter the value .
In a hard-hitting review, the FCA found that firms appeared to be abusing hospitality rules that insist meetings with clients and customers at sporting or social events such as “golf, tennis, and concerts” ought to be “conducive to business discussions”. It also found that records or logs of hospitality “were not well maintained”.
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