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
-
- 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
Respondents’ views on identifying customers at risk of harm
There was a wide range of views relating to assessments to identify unaffordable gambling. There were significant concerns about consumer privacy and freedom and calls for any such measures to therefore be targeted at the customers who are most at risk, and not general or what was often described as ‘leisure consumers’. Some stakeholders were strongly in favour of assessments to identify unaffordable gambling and called for the assessments to apply to all customers. We will explore these issues further in a future consultation which will consider requirements that will tackle three key and significant risks - unaffordable binge gambling, significant unaffordable losses over time, and identifying customers who are in a particularly financially vulnerable situation.
In relation to customers who may be in a vulnerable situation:
- a high proportion of respondents from the short survey agreed that operators should take action when aware of vulnerability. This was generally consistent across all respondent types - consumers, those employed in a gambling business, charities, and academics. Those who disagreed did so primarily for reasons relating to consumer privacy and freedom
- in the main consultation, views were more split on this topic. Overall, gamblers were split between agreeing and disagreeing with this proposal. Charities, affected others and academics generally agreed but were concerned that all consumers should be considered vulnerable to harm, not just one particular demographic. People who worked in a gambling business generally agreed with this proposal.
In relation to time, respondents to the consultation mainly disagreed that the Commission should set specific time indicators for different products, or that there should be a separate requirement for time as an indicator.
Last updated: 14 April 2022
Show updates to this content
No changes to show.