Consultations are now open until 2 April on the potential amendment of section 2.39 of the UKGC’s ‘Statement of principles for determining financial penalties’.
Under the current texts, payments made as part of regulatory settlements do not need to be paid into the government’s Consolidation Fund.
The Consolidation Fund collects government proceeds from means such as taxation, which are then used to subsidise public initiatives. These include compulsory financial penalties imposed by the UKGC in relation to regulatory breaches under section 121 of the Gambling Act 2005.
However, as stated above, regulatory settlements – which are negotiated agreements at heart – do not currently end up in the Consolidation Fund, which the UKGC is now looking to amend.
“This would ensure that any future regulatory settlements, which are an impo..