Hi,
Sorry i couldn't reply right away, it was a hectic day. part of UKGC condition is to have separate PML (personal Management Licence) holders fulfilling relevant roles. For example, mine is overall strategy. A dedicated person is supposed to hold a Compliance role.
Their job was to submit quarterly returns and audit forms within 21 days of them falling due. This was not done by them and UKGC contacted me to rectify the situation. I have rectified it by letting go of the person and taking on interim responsibility to ensure all paperwork is filed. This was done within 30 days stipulated and hence we didn't have any imposition on the licence, baring the fact that for 12 months we will have a warning listed on our UKGC page for breaching the timeline stipulated.
Personally, i think it's amazing that a regulator took such diligent stance and it made us ensure all bureaucratic and administrative process was dully followed. Thank you to all players who kept their cool head with this and have not fallen into a temptation into making mountains out of molehills.
Fun4all, you stated that reading the warning is "funny". This last "inside information" post is just so far off the button, its not worth debating. I frankly would not consider potential breach of regulation funny in any respect, for any brand as in the end - its there to protect you players. I'm not sure what vested interest you have to belittle the brand but even if you do so, try do it with respect and tact other players of this industry deserve.
UKGC demands their paperwork is filed in a timely manner without fail, and in order to achieve this, they created an amazing online system to do so and digitalised the whole process and i, for one, take my hat off to them.
As for our relationship with the regulators, both Max and Bryan can attest from fist hand experience just how close and proactive such relationship is.
If this causes some players to not play with my brands, it's the repercussion we must accept.
That's all i have to say on this topic.
Thank you
Igor
Sorry i couldn't reply right away, it was a hectic day. part of UKGC condition is to have separate PML (personal Management Licence) holders fulfilling relevant roles. For example, mine is overall strategy. A dedicated person is supposed to hold a Compliance role.
Their job was to submit quarterly returns and audit forms within 21 days of them falling due. This was not done by them and UKGC contacted me to rectify the situation. I have rectified it by letting go of the person and taking on interim responsibility to ensure all paperwork is filed. This was done within 30 days stipulated and hence we didn't have any imposition on the licence, baring the fact that for 12 months we will have a warning listed on our UKGC page for breaching the timeline stipulated.
Personally, i think it's amazing that a regulator took such diligent stance and it made us ensure all bureaucratic and administrative process was dully followed. Thank you to all players who kept their cool head with this and have not fallen into a temptation into making mountains out of molehills.
Fun4all, you stated that reading the warning is "funny". This last "inside information" post is just so far off the button, its not worth debating. I frankly would not consider potential breach of regulation funny in any respect, for any brand as in the end - its there to protect you players. I'm not sure what vested interest you have to belittle the brand but even if you do so, try do it with respect and tact other players of this industry deserve.
UKGC demands their paperwork is filed in a timely manner without fail, and in order to achieve this, they created an amazing online system to do so and digitalised the whole process and i, for one, take my hat off to them.
As for our relationship with the regulators, both Max and Bryan can attest from fist hand experience just how close and proactive such relationship is.
If this causes some players to not play with my brands, it's the repercussion we must accept.
That's all i have to say on this topic.
Thank you
Igor