Gambling Commission set to makes changes following Government report into Football Index saga
The Gambling Commission has announced it will be making changes to its regulation of innovative digital gambling products
The Gambling Commission has announced it will be making changes to its regularisation of innovative digital gambling products.
The financial statement follows the publishing of the UK Government’s Independent Review of the Regulation of BetIndex Limited was announced. It highlighted melioration areas inwards which The Financial Conduct Authority (FCA) and The Commission needful to bind to, with points to establish on. Not only if this, but it identified lessons to be learned and actions inwards need of response.
The Gambling Commission is said to have got already started implementing such rules, which testament bring home the bacon an sixth sense into the Government’s ongoing critical review of the Gambling Act.
Gambling Minister Chris Philp said: “I’m passing conscious of how devastating the fall in of Football Index has been on its many customers, which is wherefore we moved quickly to set in motion this independent review.
“We make been clear up that we must pick up lessons to piss sure a position the likes of this does not pass off again. I’m encouraged to reckon the Gambling Commission and the FCA are taking concrete steps on an sue contrive on how they will break work on together.
“We will ensure that the findings from this look back give directly into our on-going Gambling Act Review which is sounding at slipway we can improve regulating of the play industry.”
“We testament ensure that the findings from this brush up give directly into our ongoing Gambling Act Review which is sounding at shipway we tin can improve regularisation of the gaming industry” Gambling Minister Chris Philp
The Review found that: “In the first instance, BetIndex did non decently notify the Gambling Commission of the nature of the product inwards its licence application, nor did it inform the regulator of changes to the production after launch as it was required to.”
The report also stated: “The Gambling Commission could have got better responded to the challenges that the novel production raised erst launched, with earliest scrutiny, including of the language used by the product, quicker decision-making and action, and best escalation of issues.”
In gain to this, while Football Index was never regulated past the FCA, there were “areas for melioration for the FCA have been identified, including inwards speed of response to requests from the Commission and eubstance of electronic messaging on regulatory responsibilities.”
Andrew Rhodes, Gambling Commission CEO, said: “No amount of account of what happened to Football Index testament use up away the justifiable hurt and ire its customers are experiencing having lost, inward some cases, life-changing amounts of money when the play society collapsed.
“We consent and agree that we should make drawn a dividing line below our efforts sooner, but this does non mean those customers would non make lost money inward the event of the BetIndex company collapsing. Throughout this pillow slip we sought-after(a) the topper outcome for consumers within the reach of our regulatory powers.
“The review article provides a number of helpful recommendations for how both regulators canful piece of work break together and for how our regulatory come near deals with refreshing products."
“We take and agree that we should experience drawn a product line under our efforts sooner, but this does non intend those customers would not experience lost money in the event of the BetIndex company collapsing" Gambling Commission CEO St. Andrew Rhodes
He continued: “In recent years we feature seen an increment in the complexness of business organisation models and production offerings. The lines betwixt what is gaming and other types of products, such as financial services or electronic computer games, have suit more and more blurred and no more yearner neatly tantrum into existing statutory definitions of gambling.
“We feature already acted on a identification number of the recommendations inward the report. This has included more explicitly including refreshing products as i of the factors we consider as portion of our assessment of a gaming company’s risk. We experience also further strengthened the Memorandum of Understanding we feature with the FCA so that issues that fuzz the lines 'tween financial services and play are escalated and actioned to a greater extent rapidly.
“Our actions were always focussed on trying to protect consumers spell we sought-after(a) to get the operator into compliance with regulations."
In an purport to improve oversight of the industry alongside up outcomes for the consumers, the UK Government has proclaimed an step-up inward funding for the Gambling Commission commencing from October.