This story was published more than 9 years ago.
An independent report analyzing the actions of the Alderney Gambling Control Commission's handling of the Full Tilt Poker debacle has been published, and is available for review by interested parties.
The report was compiled by Peter Dean CBE, who was the former Chairman of the British Gambling Commission. In his report, Dean offers recommendations for the AGCC, including the need to establish a more direct relationship with its licensees. He also suggested that the Commission list the amount of player protection that it offers on its website, and that licensees should have to announce that level of protection to its players.
Although there were some missteps in the way that the AGCC handled the Full Tilt case, Dean says that it was an example of regulation working in the way that it should.
"As soon as plausible evidence of irregularities came to light the regulator acted promptly and proportionately. An investigation was instituted, findings made, a hearing held, judgment delivered and sanctions imposed. Due process was followed." Dean wrote.
"This assessment will be of little comfort to the disaffected players who are still denied access to funds owed to them by FTP. "The tribunal proceedings in 2011 were adjourned for several weeks to allow time for a rescue package to be negotiated. When this failed, the Commissioners then properly decided that because of the seriousness of the allegations they should discharge their statutory duties without further delay."
Dean goes on to say that he is satisfied with the conduct of the AGCC Commissioners and that the staff is determined to improve itself after the Full Tilt episode.
"My opinion overall is that AGCC fulfilled its statutory obligations in relation to FTP and that its actions were appropriate, timely and fair." Dean concludes.
Commenting on the assessment, AGCC Executive Director Andre Wilsenach said: "We believed it was important, given the sensitivities surrounding the revocation of Full Tilt Poker’s licenses, that an independent review should be carried out into the way in which the AGCC conducted itself throughout this process, and we are grateful that this has now been completed."
"We wanted to reassure ourselves, and those who take an interest in our activities, that should mistakes have been made then we would recognise them, and if lessons could be learned that we would learn them."
"We note that today’s report finds that “AGCC fulfilled its statutory obligations in relation to FTP and that its actions were appropriate, timely and fair. That is the standard to which we aspire."
"Nonetheless, Mr Dean’s report does make valuable recommendations on how we can make improvements in the light of what has happened. We accept those proposals and will seek to implement them as soon as practically possible."
"None of this, of course, will compensate those players who have lost money as a result of FTPs actions, and we have great sympathy for them. But, as the report confirms, a regulatory regime cannot be proof against deliberate concealment or deception. Our focus now is to assist other authorities to recover as much of the players’ funds as possible."
The full report can be read online at: http://www.gamblingcontrol.org/userfiles/file/FTP%20Report%2026%20March%...