UBS Global Asset Management is reviewing its policy of using dealing commissions to pay for corporate access globally, as the European debate over how to pay for investment banking services spreads beyond the region.

The UK Financial Conduct Authority has already banned the use of client commissions to pay for access to company management, and has also thrown its weight behind European proposals - under the revised Markets in Financial Instruments directive - that would put some restrictions on the use of dealing commissions to pay brokers for research.