The UK Gambling Commission will now provide consumers with a means to identify licensed operators' self-assessed "Levels of Protection" with regard to their funds.
All operators licensed by the Gambling Commission have a deadline of December 31, 2014 to rate themselves as basic, medium or high in terms of protection for customer funds.
Levels of Protection:
- 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.
catapultaudio
9 years ago
What is it with this country and all this "self regulation" bull shit ??? Since when did self regulation guarantee anybody anything? Its such a cop out in my opinion, an attempt at cost saving that is usually fudged by on the spot checks to try and ensure truthfulness from those doing the self-assessing, checks which typically...
What is it with this country and all this "self regulation" bull shit ??? Since when did self regulation guarantee anybody anything? Its such a cop out in my opinion, an attempt at cost saving that is usually fudged by on the spot checks to try and ensure truthfulness from those doing the self-assessing, checks which typically end up costing more than it would have done just to have a qualified professional go out and perform assessments in the first place. Our backwards arse country is going down the tubes!
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