The UK Gambling Commission (UKGC) has issued a notice to stakeholders that its consultation on its approach to licensing, compliance and enforcement policy will close on February 9.
Launched on November 17 last year, the Commission is using the consultation to gain feedback from the wider industry 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 enforcement.
The last amendments to policies regarding licensing, compliance and enforcement were made in 2017 and the UKGC has cited that it requires guidance and opinions on four areas of concern.
As a priority, feedback is required on how the Commission should ‘set out its position on products that appear to require a dual regulation’.
It comes following widespread criticism of the regulator for approving the license 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,” a UKGC statement on the consultation read.
Furthermore, 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.