Football Index

(asked on 12th April 2021) - View Source

Question to the Department for Digital, Culture, Media & Sport:

To ask Her Majesty's Government what were the responsibilities of the (1) Financial Conduct Authority, and (2) Gambling Commission, in regulating Football Index.


Answered by
Baroness Barran Portrait
Baroness Barran
Parliamentary Under-Secretary (Department for Education)
This question was answered on 21st April 2021

The government is taking the collapse of BetIndex Ltd (the operators of Football Index) and the concerns of those affected by this very seriously. We have heard from hundreds of individuals affected by these events in recent weeks, and on 20 April we announced an independent review of the regulation of the Football Index product. This review is intended to take an objective look at the decisions and actions of the Gambling Commission and any other relevant regulators, to provide a clear account of how the company’s activities were regulated, identify if there are potential areas for improvement and inform our Review of the Gambling Act 2005.

The Gambling Commission licensed BetIndex Ltd in 2015 and is responsible for ensuring that gambling operators comply with the gambling legislation and the conditions and codes of practice attached to their operating licences. The activities regulated by the Financial Conduct Authority are primarily set out in the Financial Services and Markets Act 2000 (Regulated Activities) Order (the RAO). The RAO contains the financial services activities, known as ‘regulated activities’, that require FCA authorisation before firms or individuals can carry them out. BetIndex was not authorised by the FCA.

The Commission is continuing its regulatory investigation into BetIndex Ltd and administration proceedings are ongoing. Our independent review is separate to those processes, and will be carried out and report in a way which will not compromise them. The government has not had discussions with BetIndex’s owners and management.

A Written Ministerial Statement on Regulation of Football Index was published on Tuesday 20 April 2021. It is publicly available here: https://questions-statements.parliament.uk/written-statements/detail/2021-04-20/hcws929

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