Football Index: Government review slams Gambling Commission for failings – The Athletic

The UKs Gambling Commission and Financial Conduct Authority (FCA) have been heavily criticised by a review commissioned by the British government into the dramatic collapse of gambling website Football Index.

Football Index was a gambling website that marketed itself as the football stock market. But in March 2021, it stopped operating after the value of player shares plummeted after changes were announced, leaving many users financially devastated.

A review by Malcolm Sheehan QC, published on Wednesday, details multiple failures of UK regulators to keep tabs on the product and protect consumers, as well as failures of the company itself.

The report reveals that while the Gambling Commission was made aware in 2019 of deep concerns about the product, it did not do enough to protect consumers before the devastating collapse two years later.

The report states: The Gambling Commission could have better responded to the challenges that the novel product raised once launched, with earlier scrutiny, including of the language used by the product, quicker decision-making and action, and better escalation of issues.

It also criticises the FCA, adding: While Football Index was never regulated by the FCA, areas for improvement for the FCA have been identified, including in speed of response to requests from the Commission and consistency of messaging on regulatory responsibilities.

The Athletic revealed in March how the firm gave a rosy picture of its finances until the dramatic collapse, and has spoken to multiple whistle-blowers about life working for the chaotic firm.

The government cannot allow Football Index users to be treated as collateral damage for regulatory failure that occurred on their watch, Matt Zarb-Cousin, of Clean Up Gambling, has told The Athletic.

This is the culmination of years of poorly resourced, inadequate gambling regulation that has failed to uphold basic consumer protection. Political pressure for redress will only increase as a result of this damning report.

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Football Index: Government review slams Gambling Commission for failings - The Athletic