David Clifton, Licensing Expert: 10 forecasts and a hope for 2021 Share
March 26, 2021
12 months ago, 2019 ended with a promise within the Queen’s Speech from the then newly elected Conservative Party government to “carry out a Review of the Gambling Act”. Now, 2020 is ending with that promise being fulfilled.
On 8 December 2020, the Gambling Act Review was launched, with a Call for Evidence that runs until midnight on 31 March 2021, following which the government says it will “assess the evidence presented, alongside other data, with the aim of setting out conclusions and any proposals for reform in a white paper next year”.
In summarising the purpose of the Review as being to “ensure gambling laws are fit for a digital age”, its accompanying government press release adopted a phrase used by the former Deputy Leader of the Labour Party, Tom Watson, back in February 2019.
Surveys and Reports
Regulatory Developments
United Kingdom: HM Treasury consultation on new special administration regime for payment institutions and electronic money institutions
On 3 December 2020 HM Treasury (HMT) issued a consultation on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), including a bespoke special administration regime (SAR). HMT notes the shortcomings of the current insolvency regime and is making these proposals ahead of the conclusion of the Payments Landscape Review to protect consumers in the event of the insolvency of PIs and EMIs.
The proposed SAR is intended to have the following key features:
An explicit objective on the special administrator to return customer funds as soon as reasonably practicable.
Innovations in affordable homeownership
Robin Fieth, chief executive of the Building Societies Association (BSA), reflects on steps taken to make homeownership more accessible and what plans are in place to narrow the affordability gap going forward
A recent independent report has concluded that the government needs to address the affordable home ownership ‘gap’ if it wants to reverse the decline in home ownership.
The report,
‘Thinking outside the box. Exploring innovations in affordable home ownership’ is written by Christine Whitehead and Peter Williams from the London School of Economics. It was funded by the Building Societies Association and the UK Collaborative Centre for Housing with the objective to gain a better understanding of affordable home ownership, its barriers and growth potential.
Ministers prioritized speed of delivery “over all other aspects of value for money” when they rolled out a program of 100% guaranteed Bounce Back Loans to help small and medium-sized companies weather the pandemic, the House of Commons Public Accounts Committee said in a report published Wednesday.
“Rushing to get money out of the door after the fact didn’t allow for analysis of how many businesses needed this help, could benefit from it, or could repay it,” Meg Hillier, who chairs the cross-party panel, said in a statement. “Dropping the most basic checks was a huge issue that puts the taxpayer at risk to the tune of billions.”
Share
Labour MP Meg Hillier, chair of the committee, said: Rushing to get money out of the door didn t allow for analysis of how many businesses needed this help, could benefit from it, or could repay it. Dropping basic checks was a huge issue that puts the taxpayer at risk to the tune of billions.
The National Audit Office in October said up to 60 per cent of the £42.2billion Bounce Back loans could turn sour, leaving a £26billion bill.
The PAC report said: Government s plans for managing risks to the taxpayer are woefully under-developed.
A Government spokesman said: Government loan schemes have provided a lifeline to thousands of businesses across the UK – helping them survive the outbreak and protecting millions of jobs.