Gambling Commission to run financial penalties consultation

A new set of consultations, to run for 13 weeks, has been launched by the Gambling Commission to help ensure effective regulation.

It will cover financial penalties, seeking to bring greater clarity and transparency to the way penalties following enforcement action and calculated.

The consultation includes a proposal for determining the starting point for the penal element of the penalty by reference to the seriousness of the breach and a percentage of gross gambling yield or equivalent income generated during the period of the breach.

In addition, the consultation will also look at financial key event reporting. The commission has rules in place so that licensees provide it with relevant information about ownership, finances and interests. The commission proposes amendments to these rules to take account of the increase in complexity of mergers and acquisitions, and the increased globalisation of gambling.

“These consultations are part of our continued drive to ensure Britain has the world’s most effectively regulated gambling sector,” said Kay Roberts, commission executive director of operations.

“We would urge all our stakeholders to take the time out to have their say on these consultations as all views on proposed changes will be considered.”