On Apr. 17, UK GC warned of action if submissions are not on time.
UK GC issued an industry warning notice to operators that they will face regulatory action should they fail to complete regulatory returns or submit them on time.
Licence conditions codes of practice 15.3.1general and regulatory returns was updated on Jul. 1, 2024, with quarterly regulatory returns replacing the previous annual basis.
Summary
The warning follows a spate of fines against operators that have failed to submit regulatory returns within required timeframes for each type of licensed activity.
UK GC said despite early engagement and advice notices, since Oct. 2024 over 10 firms have received financial penalties for not completing/submitting returns on time.
Repeated breaches could result in escalating enforcement action, and operators are expected to understand obligations/ensure submissions are on time via online portal.
Effectiveness
Next quarterly returns can be submitted via eServices, and are due by Apr. 28, 2025.
