British Gambling Commission Closes Supplementary Consultation On Customer Fund Reporting

Reporting system set for implementation early 2016

The UK Gambling Commission has closed its supplementary consultation on the timing and format of customer funds reporting by remote operators (see previous InfoPowa reports).
Having established the principle of customer funds reporting in a previous consultation, the Commission said the assessment of responses from this supplementary consultation, has paved the way for implementation of the new requirement in early 2016.
Responses on the supplementary consultation were received from big industry hitters such as 32Red Plc, Bet365, Betfair, Betfred, Gala Coral Group, Gamesys and the Remote Gambling Association. Additional responses were recorded from anonymous submissions.
Customer fund reporting will be implemented with a view towards minimising the risk customers face should a company collapse. While the system may not prevent the loss of or guarantee funds, the Commission will be in a position to assess the company's compliance in ring fencing customer funds.
In the run up to the launch of the system, the Commission has agreed to conduct a short period of industry testing of the customer funds report.
The full report including responses to the consultation, detailed implementation information and a summary of requirements can be accessed here:
http://www.gamblingcommission.gov.uk/pdf/Customer-funds-reporting-responses-August-2015.pdf
and
http://licensingadvertisingact.blogspot.co.uk/2014/08/34-what-information-will-operators-have.html
In related news, the Commission has launched a consultation on changes to the Testing strategy for compliance with remote gambling and software technical standards in order to update and, where possible, streamline the testing and certification process.
Full details can be accessed at: http://licensingadvertisingact.blogspot.co.uk/2015/08/59-testing-strategy-consultationupdate.html?utm_source=EB%20240815&utm_medium=email&utm_campaign=EB%20240815%20testing%20strategy

Online Casino News Courtesy of Infopowa