Online poker players will be informed about their fund protection - UK
Following the introduction of a new legislation ruling online poker market in the UK in early November, the Union Jack has opted for stricter measures especially with regard to the protection of gaming players. From the beginning of the year 2015, licensed operators in the UK are asked to include in their terms and conditions further information about how players fund are protected in case the operator goes bankrupt. And by February 2, 2015, each player must read related statement before signing in and make their first deposit. According to the UK Gambling Commission (UKGC), the organization that regulates online gambling in the country, threat for bankruptcy of e-poker rooms remains in a fairly low level; however, such initiative has been taken to protect players from losing their funds and keeping them away from loss-of-pensions-like incidents.
As a result of the public consultation carried out by the UKGC, it advocates the use of segregated accounts in which players funds should be held. Besides, operators are required to regularly report to and inform players about the level of protection of their funds. As an outcome of the public consultation, three categories of fund protection are expected to be offered to players: Segregation of customer funds (player funds are kept in other accounts, not in the business accounts buy still be part of the business assets), Quistclose (funds are placed in separate accounts from the company and an arrangement should be agreed) and the Independent Trust Account (funds are held in a trust account, all of which are monitored and kept under control of an independent trustee). These measures have emerged to guarantee payment in the event of insolvency.
Friday, 21 November 2014
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