UK Spreadbet firms to be investigated by the FCA

Very interesting. So what about sports bookies and what about binary options? I smell a rat, I doubt it's the real reason they are going after them IMO. We are a gambling nation.
 
JSSPMK said:
Very interesting. So what about sports bookies and what about binary options? I smell a rat, I doubt it's the real reason they are going after them IMO. We are a gambling nation.
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- Bookies are regulated.
- Binary options will as it is considered similar to CFDs.
 
JSSPMK said:
When bookies can legally welch out of paying I don't see that as being regulated.
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They really can't. UK bookies are pretty tightly and strictly regulated by the Gaming Commission, which took over from the former Gaming Board about a decade ago.

The licensing procedures are also a huge disincentive for them to try to circumvent regulatory processes and procedures, because they have to apply to Magistrates' Courts once a year to renew their gaming licence, and on those occasions any members of the public who have a "beef" about them get the opportunity to air it in detail, in court, in front of all the media. There have been a few instances of bookies getting into serious trouble this way, and it's something they don't dare take a chance on.

They're also fairly well self-regulated, with an independent arbitration council whose findings in individual cases are binding on them.

Many professional and semi-professional punters say they'd certainly far rather have an argument with a bookie than with a spreadbetting company, and I can see why, from some of the cases I read.
 
Xela said:
and on those occasions any members of the public who have a "beef" about them get the opportunity to air it in detail, in court, in front of all the media.
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IG wouldn't make it past their first renewal. AHAHAH :D.

That is quite interesting, thanks for that info. I'm sure there would have been some interesting scenes down there at court.
 
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