Uk Gambling Commission Set Fund Protection Ratings
By Casinomeister, Last updated Nov 21, 2014
Empowers the consumer to choose according to level of fund protection
The UK Gambling Commission has published an information category on how consumers can identify licenced operators' self-assessed "Levels of Protection" in relation to customer funds.
Operators licenced by the Gambling Commission have until December 31, 2014 to assess themselves against three categories of protection for customer funds: basic, medium and high.
The three categories comprise:
– Basic: Segregation of customer funds. Customer funds are kept in accounts separate from business accounts but they would form part of the assets of the business in the event of insolvency. These accounts may include bank accounts, investment accounts and other accounts.
– Medium: Quistclose or equivalent. Customer funds are kept in accounts separate from business accounts; and arrangements have been made to ensure assets in the customer accounts are distributed to customers in the event of insolvency. The arrangements falling in the medium category include Quistclose accounts and insurance arrangements.
– High: Independent Trust Account. Customer funds are held in a trust account which is verified and subject to controls by an independent trustee.
Licenced operators, both remote and non-remote, are required to clearly convey their Level of Protection Rating to customers as part of their terms and conditions.
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The man with the plan here at Casinomeister. Bryan Bailey has been running Casinomeister since its launch in June of 1998. He has watched the industry grow from its primeval stage to what it is now. The Meister has attended nearly 100 conferences in the past 20 years and has either been a speaker or a panel moderator for at least 60 events. He has always been an advocate of fairness and reason and is known to like German beer, a good Scotch, and astrophotography.
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