Posted: 13.01.22 at 10:16 by Hannah Davenport
Brentford and Isleworth MP Ruth Cadbury called on the Government to go further than, what she referred to as the "thin gruel" changes, announced after the collapse of the failed Football Index betting company.
Football Index allowed customers to bet by buying ‘shares’ in footballers and receive returns based on their performance.
The company had its license revoked by the Gambling Commission in March 2021, with over £100 million in betting stakes remaining open at the time.
In her question to Ministers at the Department for Digital, Culture, Media and Sport last week, Ruth called on the Government to take action to ensure that the Gambling Commission and the Financial Conduct Authority take stronger action to protect consumers in the future.
Ruth also urged the Government to ensure that those who had been impacted by this would be able to seek justice.
Speaking after her question in Parliament Ruth said: ‘‘I’ve heard from several constituents who had large amounts of money in stakes with the football index when it had its license suspended- meaning that my constituents and many others across the country were left out of pocket as they still had open bets.
"It’s even more distressing that the warning signs were flashing and were clear to see- yet both the Gambling Commission and the Financial Conduct Authority failed to adequately act to protect consumers.
"That’s why it’s vital that the Government outline what steps they’re taking to ensure that these bodies are fit for purpose and to ensure that those impacted can get the justice they deserve.
"I will continue to campaign on behalf of my constituents affected by this, and other failings caused by weaknesses in our gambling and financial regulations. I will also continue to urge the Government to do more to protect these impacted by these scandals.”
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