UK Gambling Commission Responds to Racing Post's Criticism of Financial Checks
Date: 2023-09-19 Author: Dima Zakharov Categories: EVENTS
The UK Gambling Commission (UKGC) has taken a firm stance in response to what it considers unwarranted criticism and continuous attacks from the Racing Post. In an open letter penned by its Chief Executive, Andrew Rhodes, the Commission aims to set the record straight regarding financial risk checks in the ongoing consultation on UK gambling.
The UKGC expresses its disappointment that the Racing Post has chosen not to publish the Commission's letter, which it believes would provide essential context for its readers. According to the UKGC, the newspaper's coverage of the issue lacks balance and fairness.
The open letter primarily focuses on dispelling misconceptions about the proposed financial checks. Rhodes begins by addressing concerns about privacy, emphasizing that only a small fraction, approximately 3%, of gamblers would undergo financial risk assessments using credit reference agencies or open banking data. In simple terms, this means that the vast majority, 99.7%, of customers would not need to provide any additional financial information.
Rhodes also clarifies that 90% of these assessments would utilize credit reference agencies and regulated third-party providers for open-source banking data. Importantly, he assures readers that gambling companies would not gain access to a customer's full bank account details.
It's important to note that these proposals apply solely to online gambling and will not impact traditional bookmakers or racetrack betting.
Furthermore, the UKGC stresses that soft credit checks, part of the proposal, will not harm a customer's credit score. Additionally, no information related to a customer's gambling habits will be shared with the broader financial sector.
The Commission points to the Health Survey for England 2018, which revealed that 3.7% of individuals who bet online experience problem gambling, with an additional 5.2% at moderate risk. These statistics underscore the need for stronger protections for vulnerable individuals.
In conclusion, the UKGC fully supports the government's plan to establish a seamless system that safeguards customers without causing undue inconvenience. The consultation period continues for another four weeks, and the Commission eagerly welcomes all responses to strike the right balance between preserving individual gambling freedom and protecting the most vulnerable from gambling-related harm.
The UKGC expresses its disappointment that the Racing Post has chosen not to publish the Commission's letter, which it believes would provide essential context for its readers. According to the UKGC, the newspaper's coverage of the issue lacks balance and fairness.
The open letter primarily focuses on dispelling misconceptions about the proposed financial checks. Rhodes begins by addressing concerns about privacy, emphasizing that only a small fraction, approximately 3%, of gamblers would undergo financial risk assessments using credit reference agencies or open banking data. In simple terms, this means that the vast majority, 99.7%, of customers would not need to provide any additional financial information.
Rhodes also clarifies that 90% of these assessments would utilize credit reference agencies and regulated third-party providers for open-source banking data. Importantly, he assures readers that gambling companies would not gain access to a customer's full bank account details.
It's important to note that these proposals apply solely to online gambling and will not impact traditional bookmakers or racetrack betting.
Furthermore, the UKGC stresses that soft credit checks, part of the proposal, will not harm a customer's credit score. Additionally, no information related to a customer's gambling habits will be shared with the broader financial sector.
The Commission points to the Health Survey for England 2018, which revealed that 3.7% of individuals who bet online experience problem gambling, with an additional 5.2% at moderate risk. These statistics underscore the need for stronger protections for vulnerable individuals.
In conclusion, the UKGC fully supports the government's plan to establish a seamless system that safeguards customers without causing undue inconvenience. The consultation period continues for another four weeks, and the Commission eagerly welcomes all responses to strike the right balance between preserving individual gambling freedom and protecting the most vulnerable from gambling-related harm.
