UK Gambling Commission Warns Operators about Withdrawal Policies
One of the strictest and most distinguished regulatory bodies in the iGaming industry, The UK Gambling Commission (UKGC) has issued a new warning to all online gambling businesses after the completion of a CMA investigation.
According to the statement, all online gambling operators licenced by the body are demanded to “remove unfair restrictions placed on customers withdrawing money from their gambling accounts.
In case they fail to do so, the businesses risk losing certain privileges and facing legal action.
Time for a Serious Change
Namely, the Competition and Market Authority (hereinafter CMA) has disclosed the results of its recent investigation regarding unfair terms and practices in online gambling.
In order to protect the sector from dubious practices, action needs to be taken. Following the release of the note, the CMA has already required two firms to update their policies. The companies in question are Jumpman Gaming and Progress Play, and their previous Terms & Conditions did not use to allow clients to have their money paid out in a single transaction. These T&Cs have been drastically altered.
Paul Hope, Executive Director at the UK Gambling Commission, has highlighted the significance of raising standards and making sure that the customers get a fair deal when gambling online.
Considering the action suggested by the CMA, Hope has added, “We have already been working with the CMA to tackle unfair online gambling promotions, and the announcement will improve how customers are treated.”
Customer Protection Comes First
Moreover, the UKGC representative has declared that the new rules released in July this year will see the Commission taking action speedier and easier when need be. All clients need to be protected from breaches of consumer law, and the Commission is set to follow the rules put forward by the CMA.
“We support the action taken by CMA and expect all online gambling businesses to take immediate action to update their practices in line with these, or face action by the UKGC in the future.”
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