There may be a few fewer British bankers flown in to party at this year’s Hong Kong Rugby Sevens, as compliance rules about cosying up with big banks get tougher in UK.
Traditionally, scores of bankers, brokers and fund managers from the UK and Europe have enjoyed a free ride through the messy sea of excess that is the Hong Kong Rugby Sevens, thanks to invitations to the lavish corporate boxes of some of Hong Kong’s biggest banks.
However, according to Reuters, there may be far fewer drunken outsider suits on ground this year due to a crackdown on individual money managers receiving hospitality and gifts that could lead to a conflict of interest.
It is feared that such activities could result in financial advisors and the like recommending products to their clients based on what they feel they owe to their generous buddies as opposed to what’s actually best for the client.
Yeah, we can see the risk there.
It is therefore expected that many fat cats will be doing the unthinkable this year – PAYING FOR THEMSELVES.
Surely not?
We’d just like to end this public service announcement with Reuters’ class description of the after-Sevens party scene:
“When the playing stops, fans spill out of the 40,000-capacity stadium into the streets, transforming the surrounding Causeway Bay and Wan Chai districts on Hong Kong Island into an alcohol-soaked carnival where cheerleaders and Oompa Loompas cavort with Kermit the Frogs and men dressed as nuns.”
Pretty accurate.
Photo: istolethetv via Flickr
