UKGC announces financial risk plan

The UK Gambling Commission (UKGC) has announced plans to establish a working group to pilot financial risk checks. 

In addition, there are also intentions to reconsider the requirement for gamblers to provide their job titles when subject to affordability checks.

The gambling whitepaper

These considerations are being brought to the table as a direct result of the previously heavily anticipated UKGC’s gambling whitepaper and form a major part of the subsequent consultations. 

The commission is now assessing feedback and evidence including such aspects as the necessity of including job titles in financial risk checks along with the testing of the practical application of cross-selling requirements when concerning land-based operators. 

Expert working group

The feedback is also likely to recommend the formation of an expert working group that the commission intends to specifically analyse all aspects of the UK’s financial risk checks for efficiency and effectiveness.

The UKGC’s executive director, Tim Miller had this to say on the matter:

“As part of this, the commission will look at exploring the possibility of piloting some of these changes before they come into force. We recognise particularly when you are reliant on technology and third parties like credit reference agencies that trialling these things first and ironing out any issues may be helpful.”

Miller also went on to stress the importance of the principle of frictionless objectives which would ensure that the burden of providing the information is not rested on the consumer but on the operator specifically.

Policy vs. Practice

Bahar Alaedini has stated that “the challenge remains the implementation of the government’s objective policy”, also expressing a deep concern for the disconnect between policy and practice. 

Alaedini also brought into question the common occurrence of financial risk adjudicators being tasked despite having less than five years of experience during a particularly unforgiving period of escalating fines.

According to Alaedini:

“My view is this proposed change suggests the future is not bright because the regulatory panel is an important opportunity to challenge a decision. It is sometimes the only avenue of recourse when the commission is going against you.”

The Department for Digital, Culture, Media & Sport (DCMS) weighs in

The DCMS has also unveiled their own plans to support the whitepaper consultations, this will come in the form of a proposed statutory levy covering a designated formula for payments as well as governance and logistics.

Get ready for SiGMA Curaçao

Happening in less than three weeks, this exciting event is set to take place from September 25th to 28th and is proudly hosted by the Ministry of Finance in collaboration with SiGMA Curaçao.

Don’t miss out on this unique opportunity to be part of SiGMA Curaçao. You’ll have the chance to delve into the latest developments in gambling regulations, explore the vibrant iGaming landscape, and network with influential figures in Curacao’s industry.