The independent review into the regulation of Football Index, undertaken by Malcolm Sheehan QC and published last September, identified lessons to be learnt and provided recommendations for both the Gambling Commission and the Financial Conduct Authority (FCA).
Both regulators have taken steps to address the issues identified in the report. The Gambling Commission has updated the frameworks for risk based regulation so that product novelty is properly considered alongside other factors in determining the level of scrutiny an operator is placed under. The Commission has also consulted on tighter rules for the terminology used to describe gambling products.
The Commission and FCA have also worked together to strengthen their Memorandum of Understanding in response to Mr Sheehan’s recommendations, including with new escalation routes and commitments on timeliness of responses to ensure regulatory impasses can not remain unsolved. The FCA has additionally nominated an Executive Director to oversee the relationship with the Commission.