The first stage of implementation will see FRAs implemented by the largest operators, where there is high spend of multiple thousands of pounds over a 24-hour period. For most, this means £5,000 net deposits in a rolling 24-hour period, with it being predicted that only 0.5% of customers will hit these thresholds.
Once fully implemented in due course, Financial Risk Assessments will be applied to customers aged 25 years or older with net deposits exceeding £1,000 in a rolling 24-hour period or £3,000 over a rolling 90-day period; for those under 25, these thresholds will be reduced to £750 in a rolling 24 hours or £2,000 in a rolling 90-day period.
Furthermore, the GC has also underpinned that although the White Paper was put forward during a previous government, it has the full backing of the late..
