UKGC initiates consultation on fines
The Gambling Commission has recently launched its latest consultation covering the topic of financial penalties.
The regulator will be covering a variety of aspects of financial penalties for licensed online gambling firms and will seek to provide better transparency in the process of issuing fines. The consultation will cover the process through which fines are calculated after a breach is discovered and will introduce a proposed starting point for issuing fines. This starting point will correlate with a number of factors, namely the severity of the violation.
The new consultation will be active for a period of 13 weeks, throughout which the UKGC will be taking input from the industry and the general public. The Commission’s proposed increases will be amending its financial event reporting rules, which mandate licensed operators to provide the regulator with certain key points of data concerning players’ financial statuses.
The regulator’s latest consultation follows several others the UKGC initiated in the last few months, all of which aim to gather input from industry stakeholders to implement the changes proposed by the gambling regulations white paper published by the UK’s government earlier in the year. Some of the Commission’s past consultations included retail age verifications, the design of online gambling experiences, and direct marketing, which were launched back in July.