The United Kingdom’s Gambling Commission (UKGC) has rejected claims that its planned implementation of financial risk assessments (FRAs) has failed to take the racing industry’s opinions and concerns into account. According to representatives of the commission, the matter has been consulted thoroughly with members of the racing sector.
MP Questioned the FRA Implementation Decision
For reference, FRAs are a measure that will screen for irregularities that could be a sign of excessive spending or financial fraud. As promised by the UKGC, assessments, when they happen, will be mostly frictionless, with very few exceptions.
The FRA pilot proved that the measure can work even more frictionlessly than previously expected. As a result, the UKGC is now moving toward full implementation. To that end, the commission adopted a staged approach that will gradually introduce FRAs.
The regulator’s decision to proceed with the implementation, however, resulted in industry stakeholders and politicians sounding the alarm. Dame Caroline Dinenage MP, chair of the Culture, Media and Sport Committee, reached out to the UKGC, seeking to better understand the decision. Dinenage suggested that the planned implementation might not have been sufficiently discussed with racing industry stakeholders.
The UKGC, however, firmly rejected this notion.
UKGC Rejects the Notion That It Disregarded the Racing Industry
In its response, the UKGC emphasized that the FRA matter has been consulted extensively with racing industry representatives. In fact, the first discussions on the topic took place in 2023. Industry groups, such as the British Horseracing Authority and the Horserace Betting Levy Board, among others, were familiarized with the FRA plans and consulted on the matter. The BHA, in particular, received a personal notification about the UKGC’s decision to proceed with the FRA implementation.
The UKGC emphasized its disappointment over the claims that its decision has been taken without consultation with the racing industry.
Sarah Gardner, CEO of the UKGC, said:
Having set out the details of our engagement with racing stakeholders on the particular issue of FRAs, I was surprised and disappointed to hear of claims that the Commission has failed to engage with this community, and I do not think that such claims are borne out by the facts.
Sarah Gardner, CEO, UKGC
Gardner reiterated the commission’s commitment to working together with those impacted by the implementation of new regulations.
Gardner concluded that details about the FRA consultation process will be published this month, providing insights into the UKGC’s approach to introducing this new set of regulations.