Football Index Collapse

Debate between Greg Knight and Liz Twist

Tuesday 7th June 2022 Westminster Hall

[Liz Twist (Blaydon) (Lab)]

I beg to move,

That this House has considered the impact of the collapse of Football Index.

It is a pleasure to serve under you as Chair, Ms Ghani.

Football Index was a platform that allowed customers to create, buy and sell bets to one another as a means of making money, but it was, or was presented as, so much more than just betting. The “go to market” option on the platform allowed users to buy and trade with one another, creating an exchange market for customers. Due to the nature of the product, from its launch in 2015 it was advertised to customers repeatedly by Football Index as

“the world’s first football stock market”,

leading many to believe that this was more than just simple gambling and that it was a way of using their knowledge of football to grow a portfolio and make money. And on paper, in the early years, some did.

The collapse of Football Index has really damaged many customers. We have only to look at the tip of this iceberg to see stories from individuals who have lost so much as a result of the failings surrounding the company. The issue is more than money, vital though that is. The situation has also had an impact on many customers’ mental health and wellbeing. Despite the report published by Malcolm Sheehan QC in September 2021, there are still many unanswered questions, leaving the thousands of people affected without answers. This must be addressed to ensure that they have the answers they need. We must also, crucially, look again at the regulatory failing that allowed the situation to come about.

[Sir Greg Knight (East Yorkshire) (Con)]

I congratulate the hon. Lady on securing the debate. Is she aware that in the previous Session of Parliament there was an early-day motion on this subject? It was tabled on 25 November by the right hon. Member for Knowsley (Sir George Howarth), who I see is in his place, and it called on the Government to implement the recommendations of Malcolm Sheehan QC, but it concludes by saying that it

“further calls on the Government to do all that it can to ensure that those owed money receive full reimbursement.”

Does the hon. Lady join me in supporting and repeating that request today?

[Liz Twist]

I thank the right hon. Member for his intervention. Certainly this debate is part of the ongoing campaign to ensure that justice is done, and I will touch on the issue of compensation and redress later in my speech.