Minister for Gambling and Lotteries John Whittingdale has revealed that the Government is set to launch an independent review to examine the circumstances associated with the recent collapse of Football Index.
The Minister shared that an independent expert is set to be appointed in order to consider and evaluate the circumstances that led to the failure of the gambling company, which has resulted in catastrophic amounts of money lost by thousands of customers. Furthermore, the action taken by the UK Gambling Commission (UKGC) against the operator will also be evaluated in the review.
The Government is hopeful that the review’s findings will help it gather more information for its review into the 2005 Gambling Act that is currently ongoing. The call for evidence for the review of the country’s gambling legislation closed in March 2021 and the findings are set to be officially revealed later in 2021.
The launch of the independent review into the gambling operator’s collapse comes at a time when the investigation held by the UK gambling regulatory body into BetIndex is still ongoing and administrators are considering the liabilities and assets of the company in terms of possible compensations that could be granted to consumers.
The Review Will Also Look into UKGC Actions and Decisions Regarding BetIndex
As Casino Guardian previously reported, Football Index, owned and operated by BetIndex Ltd, allowed consumers to purchase shares in football players and receive payments depending on the footballers’ performance. The operating licence of the gambling operator was suspended by the UKGC in March 2021, with the company entering administration shortly after that.
The review that is being carried out by the gambling watchdog will not only establish the facts that led to the company’s collapse and identifying any morals of the story, but it will also take into consideration the actions and decisions of the UKGC that currently issues operating licences and controls the gambling industry.
As the UK Government revealed, the findings of the independent review are set to be made public this summer. As mentioned above, they will be considered as part of the evidence associated with the wider review of the country’s Gambling Act of 2005. A White Paper that is establishing findings and proposals related to the long-awaited report of the piece of legislation is scheduled to be published by the end of 2021.
Furthermore, during the review, the work of other relevant regulatory bodies will be considered, in order to provide some actual knowledge about how Football Index’s activities were regulated and identify whether there are certain areas of improvement when it comes to the treatment of complex products.
The period that is being reviewed is from September 2015 to March 11th, 2021, when the operating licence of BetIndex was suspended by the gambling regulatory body after some concerns related to customer funds. The Government said that it will announce further details about the appointment of the independent reviewer and the review shortly.
- Author
Olivia Cole
