PARLIAMENTARY DEBATE
Football Index Collapse - 18 November 2021 (Commons/Commons Chamber)
Debate Detail
Contributions from Chris Philp, are highlighted with a yellow border.
Liz Twist
Blaydon
09:53:28
Chris Philp
The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport
The Gambling Commission has revoked BetIndex’s operating licence and senior members of that company have surrendered their personal management licences. The Gambling Commission has also referred the company to the insolvency service to consider whether the directors breached insolvency or even fraud laws. We look forward to the Insolvency Service’s report on the conduct of those directors.
09:53:49
Liz Twist
Too many of my constituents have been in touch to say that they have lost substantial amounts of money on the Football Index, so will the Minister explain further what is being done to help the Gambling Commission to understand these complex betting propositions in order to ensure better protections for customers, such as my constituents?
Chris Philp
The Government commissioned a detailed report by Malcolm Sheehan QC that was published towards the end of September. The report looked to ensure that all the relevant lessons are learnt, so that people who gamble are protected. Regarding those who lost money to BetIndex, the wind-up proceedings are ongoing at the moment and it is likely that some amounts will be available to be reimbursed to creditors, which would include customers. We should obviously let that process unfold.
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