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To ask the Secretary of State for Culture, Media and Sport, what steps she is taking to address regulatory failings highlighted in the independent review by Malcolm Sheehan KC concerning the collapse of football index.
To ask the Secretary of State for Culture, Media and Sport, what steps she is taking to address regulatory failings highlighted in the independent review by Malcolm Sheehan KC concerning the collapse of football index.
The Independent Review announced by the previous Government and conducted by Malcom Sheehan KC made a number of recommendations for the Gambling Commission and Financial Conduct Authority, both of which are independent of Government. All recommendations of the report have since been implemented.
To ask the Secretary of State for Culture, Media and Sport, what assessment she has made of the potential implications for her policies of the possible regulatory failures identified in the Review of the Regulation of BetIndex Limited: final report, published on 22 September 2021, in the context of providing...
To ask the Secretary of State for Culture, Media and Sport, what assessment she has made of the potential implications for her policies of the possible regulatory failures identified in the Review of the Regulation of BetIndex Limited: final report, published on 22 September 2021, in the context of providing...
I refer my Honourable Friend to the answer I gave on 8 January 2025 to Question UIN 21381.
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.
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.
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.
To ask the Secretary of State for Culture, Media and Sport, pursuant to the Answer of 28 April 2025 to Question 44518 on BetIndex and Football Index, if she will introduce a regulator levy to fund compensation for people who lost money through the collapse of Football Index and BetIndex.
To ask the Secretary of State for Culture, Media and Sport, pursuant to the Answer of 28 April 2025 to Question 44518 on BetIndex and Football Index, if she will introduce a regulator levy to fund compensation for people who lost money through the collapse of Football Index and BetIndex.
Whilst the Government deeply sympathises with those impacted by the collapse of Football Index and BetIndex, we do not plan to introduce a regulator levy to fund compensation for people who lost money as a result.
To ask the Secretary of State for Culture, Media and Sport, what recent assessment she has made of the potential merits of introducing a regulator levy to fund compensation for people who lost money through the collapse of Football Index and BetIndex.
To ask the Secretary of State for Culture, Media and Sport, what recent assessment she has made of the potential merits of introducing a regulator levy to fund compensation for people who lost money through the collapse of Football Index and BetIndex.
I refer my Honourable Friend to the answer I gave on 8 January 2025 to Question UIN 21381.
To ask the Secretary of State for Culture, Media and Sport, whether she has received representations on the collapse of Football Index.
To ask the Secretary of State for Culture, Media and Sport, whether she has received representations on the collapse of Football Index.
The Secretary of State has received letters and emails from members of the public and Members of Parliament on the collapse of BetIndex Ltd, the operator of the novel gambling product Football Index. The collapse had a significant impact on former customers, and we recognise that many people were affected, and that for some people financial losses were significant. The previous Government commissioned an Independent Review in June 2021, conducted by Malcom Sheehan KC and which reported in September 2021. The review looked at how the company had been regulated, and identified areas for improvement for the Financial Conduct Authority and the Gambling Commission. All recommendations of the report have since been implemented.
To ask the Secretary of State for Culture, Media and Sport, what steps her Department is taking to help secure redress for victims of the collapse of Football Index.
To ask the Secretary of State for Culture, Media and Sport, what steps her Department is taking to help secure redress for victims of the collapse of Football Index.
The collapse of BetIndex Ltd, the operators of the novel gambling product Football Index, had a significant impact on former customers, and we recognise that many people were affected, and that for some people financial losses were significant. The previous Government commissioned an Independent Review in June 2021, conducted by Malcom Sheehan KC and which reported in September 2021. The review looked at how the company had been regulated, and identified areas for improvement for the Financial Conduct Authority and the Gambling Commission. All recommendations of the report have since been implemented.
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.
To ask the Secretary of State for Culture, Media and Sport, whether she has had recent discussions with the Financial Conduct Authority on the potential lessons it has learnt from the collapse of Football Index.
To ask the Secretary of State for Culture, Media and Sport, whether she has had recent discussions with the Financial Conduct Authority on the potential lessons it has learnt from the collapse of Football Index.
The collapse of BetIndex Ltd, the operators of the novel gambling product Football Index, had a significant impact on former customers, and we recognise the frustration and anger that this has caused. As a result, the Government announced an Independent Review, conducted by Malcom Sheehan KC, which looked at how the company had been regulated and identified lessons learned for various agencies including the Financial Conduct Authority. These recommendations have since been implemented.
Following the collapse of Football Index, the then-Minister held several meetings with the Gambling Commission, and officials have worked closely with their counterparts at His Majesty’s Treasury on the role of the Financial Conduct Authority (FCA) in this case.
Motion that this House has considered the lessons learned from the collapse of Football Index. Agreed to on question.
Motion that this House has considered the lessons learned from the collapse of Football Index. Agreed to on question.
I beg to move,
That this House has considered the lessons learned from the collapse of Football Index.
It is a pleasure to serve with you as Chair, Mrs Murray. This debate is about the lessons to be learned from the collapse of Football Index. I had a debate on Football Index...
I beg to move,
That this House has considered the lessons learned from the collapse of Football Index.
It is a pleasure to serve with you as Chair, Mrs Murray. This debate is about the lessons to be learned from the collapse of Football Index. I had a debate on Football Index...
I thank the hon. Member for giving way and congratulate her on securing the debate. She talked about susceptible fans sometimes being preyed on when it comes to gambling. Does she agree that one of the big emerging problems in the past few years has been the virtual epidemic of...
I thank the hon. Member for giving way and congratulate her on securing the debate. She talked about susceptible fans sometimes being preyed on when it comes to gambling. Does she agree that one of the big emerging problems in the past few years has been the virtual epidemic of...
I thank the hon. Member for his intervention. Of course, we could have a whole different debate on the influence of the gambling industry on football—indeed, I am sure that in future months we will have such a debate. But today that link between gambling and clubs and their players,...
I thank the hon. Member for his intervention. Of course, we could have a whole different debate on the influence of the gambling industry on football—indeed, I am sure that in future months we will have such a debate. But today that link between gambling and clubs and their players,...
It is a pleasure to see you in the Chair this afternoon, Mrs Murray. I thank my hon. Friend the Member for Blaydon (Liz Twist) for securing the debate and for the work she has done over a number of years to highlight this issue, as well as other existing...
It is a pleasure to see you in the Chair this afternoon, Mrs Murray. I thank my hon. Friend the Member for Blaydon (Liz Twist) for securing the debate and for the work she has done over a number of years to highlight this issue, as well as other existing...
It is a pleasure to speak in the debate with you in the Chair, Mrs Murray. I congratulate my hon. Friend the Member for Blaydon (Liz Twist) on leading the debate and on her excellent work on this issue. I have two constituents who were affected by the collapse of...
It is a pleasure to speak in the debate with you in the Chair, Mrs Murray. I congratulate my hon. Friend the Member for Blaydon (Liz Twist) on leading the debate and on her excellent work on this issue. I have two constituents who were affected by the collapse of...
I congratulate the hon. Member for Blaydon (Liz Twist) on bringing the debate forward. She will recall leading a debate on a similar subject here a couple of years ago, and I was very fortunate and pleased to support her, just as I regularly support other Members in Westminster Hall,...
I congratulate the hon. Member for Blaydon (Liz Twist) on bringing the debate forward. She will recall leading a debate on a similar subject here a couple of years ago, and I was very fortunate and pleased to support her, just as I regularly support other Members in Westminster Hall,...
I thank the hon. Gentleman for that intervention. He has posed a few questions that are pertinent to the debate. I look forward to the contributions from the SNP spokesperson, the hon. Member for North Ayrshire and Arran (Patricia Gibson), and the shadow Minister, the hon. Member for Barnsley East...
I thank the hon. Gentleman for that intervention. He has posed a few questions that are pertinent to the debate. I look forward to the contributions from the SNP spokesperson, the hon. Member for North Ayrshire and Arran (Patricia Gibson), and the shadow Minister, the hon. Member for Barnsley East...
It is a pleasure to serve under your chairpersonship, Mrs Murray. I congratulate my hon. Friend the Member for Blaydon (Liz Twist) on securing this debate on such an important issue, which has caused a great deal of suffering for thousands of people.
Several years ago, I met a group of...
It is a pleasure to serve under your chairpersonship, Mrs Murray. I congratulate my hon. Friend the Member for Blaydon (Liz Twist) on securing this debate on such an important issue, which has caused a great deal of suffering for thousands of people.
Several years ago, I met a group of...
I am pleased to participate in this debate. Like others who have spoken before me, I congratulate the hon. Member for Blaydon (Liz Twist) on bringing it forward. It is important that we learn lessons and remember the mistakes made during the collapse of the online gambling product, Football Index....
I am pleased to participate in this debate. Like others who have spoken before me, I congratulate the hon. Member for Blaydon (Liz Twist) on bringing it forward. It is important that we learn lessons and remember the mistakes made during the collapse of the online gambling product, Football Index....
I have one of those numbers going around in my head. It is said that £90 million was lost. Well, it was not lost. It is there somewhere. Someone
has that money in a bank account somewhere; it did not just disappear into the ether. We are trying to find...
I have one of those numbers going around in my head. It is said that £90 million was lost. Well, it was not lost. It is there somewhere. Someone
has that money in a bank account somewhere; it did not just disappear into the ether. We are trying to find...
I thank my hon. Friend for that point, but I also urge the Minister to look carefully at the suggestion of David Hammel from the Football Index action group. I agree with Mr Hammel, and I want the Minister to consider his proposal for how redress can be managed for...
I thank my hon. Friend for that point, but I also urge the Minister to look carefully at the suggestion of David Hammel from the Football Index action group. I agree with Mr Hammel, and I want the Minister to consider his proposal for how redress can be managed for...