Football Index scandal – Regulators, you had one job…
Government and regulatory officials are trying their best to control the fallout from the collapse of Football Index. An excerpt from The Athletic shows a message that is crafted quite carefully – ‘The review, to be carried out by an independent expert appointed by the government, will look at the “decisions and actions of the Gambling Commission and any other relevant regulators, to provide a clear account of how the company’s activities were regulated, and identify if there are potential areas for improvement in how complex products are treated”.’
Potential areas for improvement in how complex products are treated. Really? That’s some prime political parlance for ‘yes something screwed up, no we don’t understand much of it nor can promise any real solutions, and we just want as little blame as possible because it’s “complex”’. Meanwhile it’s being likened to a Ponzi elsewhere and as usual, users are stuck with the consequences.
This is a prime example of how centralized elements can become the weak link in the chain, and also why users deserve real custody of their funds. Sadly this is just one more in a long list of failures and a system that refuses to be accountable, let alone work to build effective solutions.