UK Labour Party set to appoint ombudsman for gambling business
Over the past couple of years, the UK gambling industry has faced increased scrutiny from regulatory agencies like the UK Gambling Commission (UKGC). The UKGC has been cracking down on things like the fine print on terms and conditions and has been scrupulously enforcing compliance rules meant to thwart money laundering. It’s a strategy that’s impacted the bottom line of name brand operators and it’s a situation that will only get worse if the UK Labour Party comes out on top in the upcoming election.
According to a report in the UK Guardian, Labour Party officials are planning to appoint a new ombudsman aimed specifically at protecting consumers against “predatory practices” by the gambling industry. The new ombudsman would be empowered to impose fines on gambling operators, and would also have some control over the terms and conditions presented by those operators.
In a speech describing the proposed position Labour Deputy Leader Tom Watson blasted the gambling industry saying, “I cannot think of a single other type of transactional arrangement for goods or financial services that would allow this type of situation: unclear terms and conditions, a lack of transparency, a lack of framework – and fuelled by predatory bonus offers.”
The Labour Party is also proposing a £100 million levy on the gaming industry to help fund research into problem gambling. That current levy is £10 million.
All told, life the UK gambling industry continues to be scrutinized and regulated at a level that is truly unprecedented, and that situation seems to only be getting worse.
Tags: UK Gambling News