The review will cover when BetIndex’s licence was granted by the UK Gambling Commission, to March this year when the licence was suspended.

Malcolm Sheehan QC will review the steps taken by the Gambling Commission and other regulatory bodies regarding BetIndex. As set out in the terms of reference published today, it will examine the regulatory environment around the novel football betting product which collapsed earlier this year leaving thousands of customers out of pocket.

The review will examine the actions of the Commission in assessing, licensing and monitoring the operator. In addition, the review will examine the actions taken by the Financial Conduct Authority in determining whether the product should be regulated under the Financial Services and Markets Act.

The Gambling Commission is carrying out a separate regulatory investigation into BetIndex’s licence and the review is also independent of the ongoing administration proceedings, which are looking at the assets and liabilities of the firm.

Malcolm Sheehan QC will report on the findings of the review in the summer. Alongside any lessons learned for the regulators, the report will feed into the government’s ongoing Gambling Act Review. The government intends to publish a white paper following the call for evidence on the Gambling Act Review before the end of the year.