Parliamentary Search

Written question asked by Ben Lake (Plaid Cymru) on Monday, 28 April 2025, in the House of Commons. It was due for an answer on Wednesday, 30 April 2025. It was answered by Emma Reynolds (Labour) on Wednesday, 7 May 2025 on behalf of the Treasury.

BetIndex and Football Index

Question

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential merits of allocating a portion of the financial penalties collected by the Financial Conduct Authority to fund financial redress to people affected by the collapse of Football Index and BetIndex Limited.

Answer

The government recognises the significant impact the collapse of BetIndex Ltd had on former customers.

Revenue from FCA fines is used to benefit the taxpaying public. First, the FCA deducts the costs of enforcement from its fine income. Any money left over is passed to the Treasury in accordance with the Financial Services and Markets Act 2000. The Treasury must surrender it to the Consolidated Fund and is then part of the Government’s total revenues, used to pay for all Government spending on public services like hospitals, hospices, and other crucial services. The Government has no plans to change this approach.

The previous Government concluded that it would not be appropriate for the Government to use public funds to provide compensation for those who had lost money through the collapse of Football Index and BetIndex. Whilst the Government strongly sympathises with all who were impacted, we do not think this decision should be reopened.

Secondary information

Type
Written question
Reference
48501
Session
2024-26
Subjects
Compensation Fines Football Index BetIndex
Link
View this Written question on www.parliament.uk