- Joined
- May 22, 2012
OK, upon further examination of the article regarding UKGC Intentions from @News Hound I have found an indication that soon they are likely to examine the effect of reversals on responsible gambling. There is this little gem there, lower down:
"...….Consider whether we need to make changes to LCCP in order to ensure that consumers can withdraw funds more easily We are aware that some operators only undertake customer diligence checks at the point of withdrawal, which can delay the time it takes for consumers to access their funds. The improvements to customer identification outlined above are likely to remove the need for this in many cases because operators will have already completed these checks. However, some operators offer the ability to “reverse withdrawal”, a facility that enables consumers to cancel their request to withdraw funds prior to the funds being transferred to their account.
8 The CMA has also raised concerns about some of the practices associated with restricting customers from withdrawing funds. For example, these include unreasonably high minimum withdrawal limits, and terms that prevent consumers from withdrawing money they have deposited unless they wager its value in full once, or several times. The outcomes of the CMA investigation will inform our work on withdrawal of funds and help us to better assess the potential risk of harm associated with reverse withdrawals."
So what they are saying is that the new pre-verification will remove the excuse for holding up withdrawals as far as KYC goes and the logical next step is stop pending periods if demonstrated to be unfavourable to players.
One or two people already mentioned this likelihood in the pre-verification thread so it seems they are actually going to put an end to this abhorrent practice.
Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators.
As I've said before, we are heading down the road to a small number of big to giant operators in the UK, nice cash cows for the arbitrary huge fines the UKGC likes collecting for every small transgression. Your corner shop will go, then you local mini-market and you've only the supermarket giants left to shop in....metaphorically speaking.
"...….Consider whether we need to make changes to LCCP in order to ensure that consumers can withdraw funds more easily We are aware that some operators only undertake customer diligence checks at the point of withdrawal, which can delay the time it takes for consumers to access their funds. The improvements to customer identification outlined above are likely to remove the need for this in many cases because operators will have already completed these checks. However, some operators offer the ability to “reverse withdrawal”, a facility that enables consumers to cancel their request to withdraw funds prior to the funds being transferred to their account.
8 The CMA has also raised concerns about some of the practices associated with restricting customers from withdrawing funds. For example, these include unreasonably high minimum withdrawal limits, and terms that prevent consumers from withdrawing money they have deposited unless they wager its value in full once, or several times. The outcomes of the CMA investigation will inform our work on withdrawal of funds and help us to better assess the potential risk of harm associated with reverse withdrawals."
So what they are saying is that the new pre-verification will remove the excuse for holding up withdrawals as far as KYC goes and the logical next step is stop pending periods if demonstrated to be unfavourable to players.
One or two people already mentioned this likelihood in the pre-verification thread so it seems they are actually going to put an end to this abhorrent practice.
Mind you, knowing that anything from 15-35% of pending withdrawals are spunked back, this may be the final straw for many UK-facing smaller operators.
As I've said before, we are heading down the road to a small number of big to giant operators in the UK, nice cash cows for the arbitrary huge fines the UKGC likes collecting for every small transgression. Your corner shop will go, then you local mini-market and you've only the supermarket giants left to shop in....metaphorically speaking.
