UKGC issues feedback notice on licensing and enforcement consultation
The UK Gambling Commission (UKGC) has reminded industry stakeholders that its consultation on its approach to licensing, compliance and enforcement policywill close on Wednesday 9 February 2022.
Launched on 17 November, the Commission seeks guidance on its ‘Statement of Principles’ that have led UK gambling’s regulatory policy with regards to risk assessment, licensing operators and key personnel, carrying out compliance activities and regulatory/criminal enforcement.
Policies on licensing, compliance and enforcement were last amended in 2017. The UKGC has cited that it requires guidance and opinions on four areas of concern.
Top of the agenda, feedback is required on how the Commission should ‘set out its position on products that appear to require a dual regulation’.
A concern that is noted following widespread criticism of the regulator for approving the licence of Football Index – the football player stock market operated by licensee BetIndex that collapsed in March of last year.
“Our preferred outcome is that this is resolved through legislative change, but it is unlikely to happen before the Gambling Act is concluded. In the absence of change, we propose that we should set out a clear policy position on how we intend to deal with these products.” – the consultation’s briefing read.
In addition, further feedback is needed to clarify requirements and due diligence of personnel deemed suitable to carry an operating licence for UK gambling.
Proposed changes on licensing and enforcement will aim to be incorporated within the Commission’s new policy approach which will be piloted during a 12-month period.
Concluding its statement, the UKGC outlined its aim to reflect a number of changes to its procedures on licence reviews, suspensions and regulatory settlements.
sOURCE ; www.sbcnews.co.uk