Update: Alderney’s FTP Debacle Handling Review Presented
In general, the matter was handled appropriately
An independent report, drafted by Peter Dean CBE, a former chairman of the British Gambling Commission on the Alderney Gaming Control Commission’s much criticised actions in the Full Tilt Poker debacle, has been published on Mar. 27.
The review contains recommendations about the availability of additional legal resources when needed to carry out investigations into licensee conduct and about the need for the Commission to establish a more direct relationship with its licensees instead of relying on intermediaries.
In addition, he stated that Alderney should clearly set out on its website the level of player protection that it offers, and require the licensees to make that level of protection known to players.
In the report summary, Dean assessed the FTP debacle as sad, but said it should serve as an example of regulation working as 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," he said, adding: "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."
"My opinion overall is that AGCC fulfilled its statutory obligations in relation to FTP and that its actions were appropriate, timely and fair," he concluded.
Regarding the report, the Alderney Gaming Control Commission, which engaged Dean to conduct the investigation, issued a press release in which its 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."
In conclusion, in the statement the Commission assured the players that it is already in advanced stages of implementing a new approach towards the protection of player funds on a risk-assessed basis.Source