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Guidance

LCCP Information requirements

Guidance for licence holders on the information requirements in the LCCP

  1. Contents
  2. 6 - Key events (financial events)

6 - Key events (financial events)

This section provides guidance to holders of gambling operating licensees on how to tell us about key events which relate to financial matters about your gambling business.

It includes how to tell us:

  • if there is a significant change in your company’s banking arrangements,

  • if any agreement your company has (or had) with a bank or other lender is broken,

  • if your company (or a company in your group) fails to make any loan repayment on its due date, and

  • if there is any change in the arrangements your company has for accepting payments from customers.

Key Event 5: Material changes in banking arrangements

Licence condition 15.2.1 (5)

Reporting key events - Financial events

All operating licences

Any material change in the licensee’s banking arrangements, in particular the termination of such arrangements or a particular facility and whether by the licensee or the provider of the arrangements.

Your company must submit a key event report to us if there is a significant change in its banking arrangements. This applies if the change is made by the company, or by the provider of the banking arrangements.

This includes if your company, or a bank or other financial institution, ends any important banking services which were in place.

You must do this within five working days of you finding out about the event.

When reporting this key event, you should include the following information:

  • a summary of the change in banking arrangements and why they happened

  • if the change was made by your company or the bank or other financial institution

  • the name of any banks or other lender involved in the change

  • the date the changes took place.

All key events are to be reported to us via the key event part of the eServices digital service (opens in a new tab) on our website. You must select the following type when entering this key event on eServices:

Key Event: Banking arrangements

This reporting requirement applies to holders of all operating licences.

Key Event 6: Breaches of agreements with lenders

Licence condition 15.2.1 (6)

Reporting key events - Financial events

All operating licences

Any breach of a covenant given to a bank or other lender.

Your company must submit a key event report to us if any agreement it has (or had) with a bank or other lender is broken.

You must do this within five working days of you finding out about the event.

When reporting this key event, you should include the following information:

  • the name of the bank or other lender

  • a summary the agreement your company has or had with the bank or other lender

  • explain why your company is unable to meet the terms of the agreement

  • explain what actions your company is taking to resolve the situation.

All key events are to be reported to us via the key event part of the eServices digital service (opens in a new tab) on our website. You must select the following type when entering this key event on eServices:

Key Event: Breach of a covenant

This reporting requirement applies to holders of all operating licences.

Key Event 7: Defaults on loan repayments

Licence condition 15.2.1 (7)

Reporting key events - Financial events

All operating licences

Any default by the licensee or, where the licensee is a body corporate, by a group company in making repayment of the whole or any part of a loan on its due date.

Your company must submit a key event report to us if it (or a company in your group) fails to make any loan repayment on its due date.

You must do this within five working days of you finding out about the event.

A company in your group includes any subsidiary or holding company and any subsidiary of such holding company. For a detailed explanation of the meaning of ‘subsidiary’ refer to the Companies Act 2006 (Section 1159) (opens in a new tab). For ‘body corporate’ refer to the Companies Act 2006 (Section 1173(a)) (opens in a new tab). This requirement includes companies which are incorporated outside of the United Kingdom.

When reporting this key event, you should include the following information:

  • the name of the lender

  • total amount of total loan

  • total amount of the repayment(s) that was unpaid

  • explain why your company was unable to meet the terms

  • explain what actions your company is taking to resolve the situation and repay the loan.

All key events are to be reported to us via the key event part of the eServices digital service (opens in a new tab) on our website. You must select the following type when entering this key event on eServices:

Key Event: Default on a loan

This reporting requirement applies to holders of all operating licences.

Key Event 8: Changes to arrangement for accepting payments from customers

Licence condition 15.2.1 (8)

Reporting key events - Financial events

Remote casino, bingo and betting operating licences, except ancillary and remote betting intermediary (trading room only) licences

Any change in the licensee’s arrangements as to the methods by which, and/or the payment processors through which, the licensee accepts payment from customers using their gambling facilities.

Your company must submit a key event report to us if there is any change in the arrangements it has for accepting payments from customers.

This key event is directly related to LCCP Licence condition 5.1.2 (opens in a new tab), which requires that licensees must only accept payment from customers using their gambling facilities in Great Britain by a method involving a payment service provider which is registered with the Financial Conduct Authority (opens in a new tab). The definition of a payment service provider is contained within the Payment Services Regulations 2009 (opens in a new tab).

Payment service providers whose activities are authorised by the Financial Conduct Authority are listed on the Financial Services Register (opens in a new tab).

When reporting this key event, you should include the following information:

  • what the change is (e.g. change in payment method or payment service provider)

  • the date of the change

  • the reason for the change

  • the names of any new payment service providers

  • how your company has satisfied itself that the change does not affect its ability to comply with Licence condition 5.1.2 (payment methods services).

You must do this within five working days of you finding out about the event.

All key events are to be reported to us via the key event part of the eServices digital service (opens in a new tab) on our website. You must select the following type when entering this key event on eServices:

Key Event: Payment processors

This reporting requirements applies to all holders of remote casino, bingo, and betting operating licences, except ancillary and remote betting intermediary (trading room only) licences.

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Key events (relevant persons and positions)
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Key events (legal or regulatory proceedings or reports)
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