Consultation response
Financial key event reporting: Reporting changes in ownership and interests: Consultation response
The consultation response on reporting changes in ownership and interests as a key event.
Contents
- Executive summary
- Introduction
- Summary of responses
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- Proposal 1: Raising the reporting threshold for ‘operator status’ and ‘relevant persons and positions’ from 3 percent to 5 percent
- Proposal 2: Amendment to paragraph 2 of Licence Condition 15.2.1 to expand the application of ‘relevant persons’ to include shareholders, but also other entities with both direct and indirect interests in the licensee of 5 percent or more
- Proposal 3: Amendment to paragraph 3 of Licence Condition 15.2.1 to include the reporting of entering into financial agreements or arrangements with third parties and/or the receipt of financial assistance from a group company
- Proposal 4: Introduction of a new requirement for licensees to report to the Commission the details of individuals who acquire the equivalent of £50,000 or more worth of new shares in a rolling 12-month period
- Proposal 5: Amendment to the Licensing, Compliance and Enforcement Policy Statement under the Gambling Act 2005 to raise the threshold of shareholders to be listed from 3 percent to 5 percent
- Equalities considerations
- Business impacts and implementation
- Annexes
Identifying customers at risk of harm
Operators are already required to monitor gambling accounts to identify harm – we make clear in the existing guidance that this includes monitoring a customer’s account from the point of opening and we set out information on the indicators that should be used. However, we found that operators’ approaches were inconsistent and often missed key indicators that were available, including for new customers. We therefore proposed to require operators to:
- monitor an account for signs of harm from the point of opening
- use a set of minimum indicators of harm
- flag indicators of harm in a timely manner, including feeding into automated solutions
- explicitly be responsible for implementing these requirements even where there is a third party provider.
We set out proposed additional requirements for specific indicators on vulnerability and time spent gambling. This meant that operators would be required to take action when they identify customers in a vulnerable situation, but not to screen all customers for vulnerability. It also meant that operators would have to flag unusual amounts of time spent gambling as an indicator of harm.
Last updated: 14 April 2022
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