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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 Chancellor of the Exchequer, whether she is taking steps to implement the recommendations of the Financial Regulators Complaints Commission report on BetIndex Limited, published on 16 September 2024.
To ask the Chancellor of the Exchequer, whether she is taking steps to implement the recommendations of the Financial Regulators Complaints Commission report on BetIndex Limited, published on 16 September 2024.
The government recognises the significant impact the collapse of BetIndex Ltd had on former customers.
The Financial Conduct Authority (FCA) has responded to the Financial Regulators Complaints Commissioner’s report on BetIndex Ltd, noting that it has already implemented a number of changes that address the Commissioner’s recommendations.
HM Treasury continues to engage with the FCA on issues relating to the FCA’s regulatory perimeter, including sports spread betting.
To ask the Secretary of State for Culture, Media and Sport, if her Department will make an assessment of the potential merits of offering financial compensation to people affected by the collapse of BetIndex.
To ask the Secretary of State for Culture, Media and Sport, if her Department will make an assessment of the potential merits of offering financial compensation to people affected by the collapse of BetIndex.
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 Malcolm Sheehan KC, which looked at how the company had been regulated and identified lessons learned for various agencies. These recommendations have since been implemented.
Company liquidation proceedings are ongoing, and former customers will be considered among the creditors as company assets are divided.
To ask the Secretary of State for Digital, Culture, Media and Sport, if her Department will make an assessment of the potential merits of offering non-financial redress to people affected by the collapse of BetIndex, the operators of Football Index.
To ask the Secretary of State for Digital, Culture, Media and Sport, if her Department will make an assessment of the potential merits of offering non-financial redress to people affected by the collapse of BetIndex, the operators of Football Index.
The Government appreciates the significant impact that the collapse of the novel gambling product Football Index had on former customers. We recognise the frustration and anger that this situation has caused and the hardship that some people have suffered as a result. However, there is no compensation scheme for losses caused by a gambling firm ceasing to operate and the government does not think it would be appropriate to use public funds for these purposes. We are not aware of requests for non-financial redress or what form that might take.
To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment he has made of whether changes to gambling regulations are required in response to the Report of the Independent Review of the Regulation of BetIndex Limited.
To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment he has made of whether changes to gambling regulations are required in response to the Report of the Independent Review of the Regulation of BetIndex Limited.
The independent review led by Malcolm Sheeran QC has been an important input into our ongoing Review of the Gambling Act 2005. We will publish a White Paper setting out our conclusions and next steps in the coming weeks.
To ask the Secretary of State for Digital, Culture, Media and Sport, if she will provide redress to the people affected by the collapse of BetIndex Limited, the operators of Football Index.
To ask the Secretary of State for Digital, Culture, Media and Sport, if she will provide redress to the people affected by the collapse of BetIndex Limited, the operators of Football Index.
I refer the hon. Member to the answer I gave on 3 February to Question UIN 112706.
To ask the Secretary of State for Digital, Culture, Media and Sport, if she will make it her policy to provide redress to the people affected by the collapse of BetIndex Ltd, the operators of Football Index.
To ask the Secretary of State for Digital, Culture, Media and Sport, if she will make it her policy to provide redress to the people affected by the collapse of BetIndex Ltd, the operators of Football Index.
The Government appreciates the significant impact that the collapse of the novel gambling product Football Index had on former customers. We recognise the frustration and anger that this situation has caused and the hardship that some people have suffered as a result. However, there is no compensation scheme for losses caused by a gambling firm ceasing to operate and the Government does not think it would be appropriate to use public funds for these purposes.
I beg to move,
That this House has considered the impact of the collapse of Football Index.
It is a pleasure to serve under you as Chair, Ms Ghani.
Football Index was a platform that allowed customers to create, buy and sell bets to one another as a means of making money, but...
I beg to move,
That this House has considered the impact of the collapse of Football Index.
It is a pleasure to serve under you as Chair, Ms Ghani.
Football Index was a platform that allowed customers to create, buy and sell bets to one another as a means of making money, but...
I congratulate the hon. Lady on securing the debate. Is she aware that in the previous Session of Parliament there was an early-day motion on this subject? It was tabled on 25 November by the right hon. Member for Knowsley (Sir George Howarth), who I see is in his place,...
I congratulate the hon. Lady on securing the debate. Is she aware that in the previous Session of Parliament there was an early-day motion on this subject? It was tabled on 25 November by the right hon. Member for Knowsley (Sir George Howarth), who I see is in his place,...
I thank the right hon. Member for his intervention. Certainly this debate is part of the ongoing campaign to ensure that justice is done, and I will touch on the issue of compensation and redress later in my speech.
I thank the right hon. Member for his intervention. Certainly this debate is part of the ongoing campaign to ensure that justice is done, and I will touch on the issue of compensation and redress later in my speech.
I thank my hon. Friend for giving way on the point about fairness and justice. My constituent, Mr Murphy, lost £7,000 following the collapse of Football Index. Unbelievably, all that he has had back so far is £81, but for him and constituents like him, it is not about the...
I thank my hon. Friend for giving way on the point about fairness and justice. My constituent, Mr Murphy, lost £7,000 following the collapse of Football Index. Unbelievably, all that he has had back so far is £81, but for him and constituents like him, it is not about the...
I certainly agree and will touch immediately on the issue of redress. As I was saying, the issues identified must be addressed to ensure that those affected have the answers they need and we must look again at the regulatory failing that allowed this situation to come about. Tens of...
I certainly agree and will touch immediately on the issue of redress. As I was saying, the issues identified must be addressed to ensure that those affected have the answers they need and we must look again at the regulatory failing that allowed this situation to come about. Tens of...
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I give way to my hon. Friend the Member for Streatham (Bell Ribeiro-Addy).
I give way to my hon. Friend the Member for Streatham (Bell Ribeiro-Addy).
I thank my hon. Friend for giving way and for making such a brilliant speech on an issue that has affected so many of our constituents. At the end of last year, I met my constituents who are victims of the Football Index collapse, and they shared with me details...
I thank my hon. Friend for giving way and for making such a brilliant speech on an issue that has affected so many of our constituents. At the end of last year, I met my constituents who are victims of the Football Index collapse, and they shared with me details...
I most certainly agree. I know the real impact that the collapse has had on my constituents’ wellbeing—not just financially. My hon. Friend makes a valid point.
I most certainly agree. I know the real impact that the collapse has had on my constituents’ wellbeing—not just financially. My hon. Friend makes a valid point.
Will my hon. Friend give way?
Will my hon. Friend give way?