In a review published on Monday, the UK's Financial Conduct Authority said that treating clients to a round of golf, or attending social events such as tennis matches or concerts, doesn't enhance the quality of service to clients, and meetings could take place without such activities.
The wording at the bottom of the key findings says the following:
"Your firm should consider these findings and expectations and ensure they meet the current requirements."
As the Financial Times notes, this is a follow-up to rules published in 2014 in which the regulator cracked down on offering gifts or hospitality that are "of unreasonable value."
This won't make firms happy, as how does anyone expect business to get done without getting in a quick 18 with a few beers at the turn?
“I am saddened by the idea that we can no longer be hospitable to clients,” said Justin Urquhart Stewart, chief executive of Seven Investment Management. “Soon we will be having a golf day without golf balls, a fishing day in the gym and we will be watching Formula One racing on the office television.”
In other words, the FCA says "No Golf For You!"