UKGC to Implement Player Protection

UKGC to Implement Player Protection

Wednesday, 19 November 2014

In an effort to make every newly licensed UK online poker site as safe and player-friendly as possible, the UK Gambling Commission has put forward new guidelines on segregated accounts.

Published on the regulatory body's website, the new conditions are designed to show customers exactly how safe their funds are.

Having agreed its fund segregation policies before the new UK gambling laws came into effect, the UKGC now insists that online poker sites show customer which level of segregation their funds will have.

This message will be displayed at the point they make a deposit and the customer won't be able to proceed until they've acknowledged the message.

In total there are three levels of protection ranging from Basic, Medium and High:

Customer funds ratings categories:

Basic - Segregation of customer funds - Customer funds are kept in accounts separate from business accounts but they would form part of the assets of the business in the event of insolvency. These accounts may include bank accounts, investment accounts and other accounts.

Medium - Quistclose or equivalent - Customer funds are kept in accounts separate from business accounts; and arrangements have been made to ensure assets in the customer accounts are distributed to customers in the event of insolvency. The arrangements falling in the medium category include Quistclose accounts and insurance arrangements.

High - Independent trust account - Customer funds are held in a trust account which is verified and subject to controls by an independent trustee.

Tags: Gambling Commission, regulation