UK Gambling Commission Sets Levels of Protection
From the 31st of December 2014, all licensed online gambling sites operating in the UK will have to convey their level of protection rating in their terms and conditions.
The UK Gambling Commission believes that consumers have the right to know how the funds they deposit at online gambling sites are stored. They believe this will allow them to make a better choice when it comes to picking an online site.
The licensed sites have been asked to assess themselves based upon the below three categories;
•High – Independent Trust Account. Player funds are held in a trust account that is controlled by an independent trustee.
•Medium – Quistclose or Equivalent. Player funds are kept in an account that are separate from the business accounts and will not be used if the business becomes insolvent.
•Basic – Segregation of Players Funds. Player funds are kept in an account that are separate from the business accounts; however, they would be considered a business asset if the company becomes insolvent.