IBAS was contacted overnight by Football Index to advise us of the detail that, later this morning, was published on their website. We were subsequently made aware of the Gambling Commission’s statement confirming that it had suspended the operating licence of the company, pursuant to section 118(2) of the Gambling Act 2005.
The regulator's statement says that the suspension relates to an "ongoing section 116 review" into the operator and notes they had concerns that Football Index “may not be suitable to carry on with licensed activities”.
We appreciate that customers of Football Index will have significant concerns about the status of their funds and any other assets held in their accounts. IBAS has been Football Index’s appointed Alternative Dispute Resolution service and we have previously considered consumer complaints against the company, including a number that were ongoing in our process when we received today’s news.
It is unclear at this stage whether IBAS has a role to play in examining any further complaints. Much will depend on the status of the company after it formally appoints insolvency practitioners. We have contacted anyone who had lodged an open complaint about Football Index with IBAS to say the same. We have also contacted the company to request further information.
We can imagine that this must be an extremely stressful time for all of Football Index’s customers and that many will have significant sums currently locked into accounts and potential claims for additional amounts beyond that. Until we know more, there is a limit to what IBAS can offer but should there be an opportunity to assist with the review of individual complaints in a meaningful way following the appointment of the liquidators, we will help however we can.