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UK Gambling Commission Set Up Player Fund Protection
Wednesday November 19,2014 : UK GAMBLING COMMISSION SET FUND PROTECTION RATINGS
Empowers the consumer to choose according to level of fund protection
The UK Gambling Commission has published an information category on how consumers can identify licenced operators' self-assessed "Levels of Protection" in relation to customer funds.
Operators licenced by the Gambling Commission have until December 31, 2014 to assess themselves against three categories of protection for customer funds: basic, medium and high.
The three categories comprise:
- Basic: Segregation of customer funds. Customer funds are kept in accounts separate from business accounts but they would form part of the assets of the business in the event of insolvency. These accounts may include bank accounts, investment accounts and other accounts.
- Medium: Quistclose or equivalent. Customer funds are kept in accounts separate from business accounts; and arrangements have been made to ensure assets in the customer accounts are distributed to customers in the event of insolvency. The arrangements falling in the medium category include Quistclose accounts and insurance arrangements.
- High: Independent Trust Account. Customer funds are held in a trust account which is verified and subject to controls by an independent trustee.
Licenced operators, both remote and non-remote, are required to clearly convey their Level of Protection Rating to customers as part of their terms and conditions.
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Gambling News :
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
Pennsylvania Online Gambling Updates -
Pro-online gambling companies, including the Golden Nugget in New Jersey and Pokerstars, were quick to refute Schippers views based on their operational experience.
WSOPE In Czech Republic -
World Series of Poker Europe 2017 has moved to King’s Casino Rozvadov (KCR) in the Czech Republic following a multi-year deal that will see KCR host numerous WSOP-branded events over the next several years.
BtoBet Partners with AfroBet -
Following the launch in Kenya, Afrobet said it has high hopes for further expansion into East Africa, Tanzania, Uganda and Congo.
Pissed off Tabcorp shareholders -
A significant number of Tabcorp shareholders, led by The Australian Shareholders Association, reportedly objected to proposed hikes in executive pay packages and were unhappy with the company plans for a merger with rival gambling group Tatts.
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