The UKGC launched the consultation on 15 December 2023, seeking feedback on the transparency of financial penalties and the financial key reporting duties outlined in the LCCP.
The Commission is consulting on two sets of ‘business as usual’ proposed changes: one relates to clarifying and adding transparency to how financial penalties are calculated, and the other concerns financial key event reporting by licensees to ensure the Commission has the appropriate information for risk-based regulation.
The consultations aim to make the process by which enforcement actions, including financial penalties, are calculated more transparent. Penalties would start with a base determined by the severity of the breach and a percentage of the Gross Gambling Yield (GGY) or othe..