Football Index collapse

That this House remains deeply concerned about the collapse of the betting firm Football Index in March 2021, following the suspension of the company’s licence by the Gambling Commission and its entry into administration; notes with concern that customers collectively have over £90 million in open stakes trapped in the platform, with average losses of around £3,000 per customer; further notes that shortly after the site’s management announced a cut in dividends of approximately 80 per cent, it suspended trading a few days afterwards, leading to a virtual market crash which caused significant losses for customers; notes with further concern that warnings about the firm operating like a pyramid scheme went unheeded; recognises the recommendations made by Michael Sheehan QC as part of his independent review; calls on the Government to implement his recommendations, specifically those that identified areas for improvement for the Gambling Commission and Financial Conduct Authority, including how they worked together, without delay, to ensure that a similar scandal does not happen again and; and further calls on the Government to do all that it can to ensure that those owed money receive full reimbursement.