The Guardian - * Collapse of ‘football stock market’ left £90m of stakes trapped
* Independent report is heavily critical of two regulators
An independent review of the regulation of the failed betting site Football Index – the self-styled “football stock market” – has heavily criticised the actions and attitude of both the Gambling Commission and the Financial Conduct Authority (FCA) before FI’s collapse in March, which left at least £90m of users’ stakes trapped in the platform.
The Department for Culture, Media and Sport (DCMS) appointed Malcolm Sheehan QC, a specialist in product liability and group actions, to review the regulation of Football Index in June. His report, published on Wednesday, reveals profound ignorance of the platform’s structure and business model on the part of the Gambling Commission, and a reluctance by both regulators to take adequate responsibility for protecting the site’s users. Continue reading...
