FOOTBALL INDEX SCANDAL – CONSUMERS FAILED AT EVERY TURN
The collapse of Football Index last year has caused serious financial harm to thousands of consumers including many in North Ayrshire and Arran.
Marketed as an investment opportunity but likened to a pyramid scheme, consumers have collectively lost £90 million, despite the Financial Conduct Authority raising concerns before the company’s collapse. This scandal has called into question how fit for purpose gambling regulation is, given that Football Index customers were not properly protected. The Gambling Commission ignored warnings about the business model, having failed to carry out due diligence before approving the platform and authorising its licence.
Consumers were failed at every turn by the very regulation that is supposed to protect them, and it is extremely disappointing that there seems to be no route for redress for those people.
Customers of the platform should not have to pay for the failure of the regulators to adequately protect them. I called on the UK Government to compensate the victims of this scandal, introduce a gambling ombudsman to provide a clear avenue for redress and ensure a full review of the Gambling Act to make sure this cannot happen again.
Watch my contribution below 👇.