Sixteen MP’s have called on the government to implement recommendations to improve the Gambling Commission to ensure a situation like Football Index never occurs again.
Early this year, an independent review of Football Index operator BetIndex was highly critical of the role the Gambling Commission played in the platform’s downfall. It’s recommendations for the Commission included the prioritisation of novel products for enhanced regulatory scrutiny, a greater focus on fairness of terms at the licensing application stage, and consideration of the effect of the language of investment and the financial markets on consumer understanding of gambling products. It also suggested greater licensing and continuing scrutiny of divergences between described and actual features of a product and consideration of a different approach to customer funds in relation to long-term, tradeable product. Prompter decision making and action and recognition for the need for internal escalation were also recommended.
An Early Day Motion to implement these recommendations now has 16 signatures to its support, with MPs from Conservative, Labour, Liberal Democrat, SNP, DUP, and Plaid Cymru have all putting their weight behind the cause. The Motion also calls on the government to “do all that it can to ensure that those owed money receive full reimbursement.”