Gosling's Grouse: What's an inducement?

What’s an inducement?

When is an inducement not a bribe? In our world, it is a regulator's euphemism for a bribe, and the current debate around inducements in financial services have their origins in the broader bribery legislation.

The bribery legislation was a result of historic allegations against arms manufacturers, and has become part of the weaponry used by regulators across all industries in the wake of the global financial crisis. It is hard to argue against firms or organisations being stopped from blatant bribery in the forms of cash bungs or grandiose, excessive gifts to secure business. But surely a brand new Rolex given to a member of the FIFA executive committee as part of the bidding process for World Cups is a million miles away from a game of golf with a fund manager? Sadly, all these examples...