No Free Lunches at M&G as 20-Pound Gift Limit Imposed on Staff
- New rules require any meal in excess of $29 to be logged
- M&G asks brokers to detail costs of any hospitality by e-mail
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M&G Investments, the asset manager owned by Prudential Plc, has tightened hospitality rules by capping the value of entertainment staff can receive from brokers at 20 pounds ($29) as regulators seek to curb inducements between financial firms.
M&G will require staff to log “hospitality, or gifts provided to us whether at a formal conference or business meal, if the value exceeds 20 pounds,” M&G said in a letter sent to brokers at the end of January, a copy of which was seen by Bloomberg News. Gifts worth more than that amount may have to be returned or donated to charity, it wrote.