Key points:
- Customers will be required to set deposit limits
- Operators must make it clear if customer funds are protected in case of insolvency
- End to Gambling Commission LCCP requirement for annual financial contributions connected with new statutory levy
The Gambling Commission has released a set of changes in order to increase customer control over deposit limits and for greater transparency of protection of customer funds.
Customers from 31 October will be prompted by gambling companies to set a deposit limit before they make their first deposit, setting a standard for all companies in the industry to follow.
There will be a requirement for those companies to remind their customers every six months to review their account and transaction information, should they want to alter their deposit limit.
On top of this, the Commission is requiring operators within the terms and conditions to underline to customers whether their funds are protected in the event of insolvency, stating what the level of protection is and the method by which it is achieved.
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From 31 October, those operators whose customer funds are ‘not protected’ in the event of insolvency must remind customers every six months that their funds are not protected.
The final change announced relates to the end to the requirement of the Commission’s LCCP for operators to make annual financial contributions to research, prevention and treatment organisations.
This requirement will be removed close to the introduction of the government's statutory levy, expected to come into force in April, after the levy itself was announced back in November.
Gambling Commission Executive Director for Research and Policy Tim Miller said: “These changes illustrate our commitment to ensuring gambling is fair and open by improving consumer empowerment and choice.
“These changes will help consumers decide on deposit limits, enable them to keep track of their spending and ensure they are fully aware of what happens to their funds should an operator become insolvent.
“We will now continue our work to deliver our remaining White Paper commitments, including our programme of evaluation.”
