CMA issues warning over “unfair” withdrawing obstacles
The UK’s Competition and Markets Authority (CMA) has written to a number of online gambling operators over “unfair obstacles” that block customers from withdrawing money.
In a move supported by the UK Gambling Commission (UKGC), the CMA has announced enforcement action regarding terms and practices for withdrawing funds.
The CMA said it has particular concerns about several matters, including daily, weekly or monthly limits on withdrawing funds that appear unreasonably low.
The organisation also highlighted potentially arbitrary short deadlines on the time customers have to verify their identity as a condition of withdrawing funds, which can in some cases lead to the forfeiture of consumer’s funds if missed.
In addition, the CMA expressed concern at ‘dormancy’ terms that allow firms to confiscate funds after a certain period of inactivity.
Ian Angus, programme director at the UKGC, said: “We support the CMA’s investigation - gambling firms should not be placing unreasonable restrictions on when and how consumers can withdraw money from their online gambling accounts.
“While the CMA continues its enquiry, we expect all online operators to look closely at the terms and practices they have in place and consider if they are fair on their customers.”
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