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Protection of Customer Funds

Protection of Customer Funds

We are required by our licence to inform customers about what happens to funds which we hold on account for you, and the extent to which funds are protected in the event of insolvency.  The details of the requirements for this protection can be found on the UK Gambling Commission website.  We hold an amount to cover customer funds separate from company funds in a client account with Natwest Bank.  The account is a 'client account' and, as such, we have documentation confirming that this account is seperate from other Palatial Leisure accounts, that it's contents may not be combined with any other Palatial Lesiure accounts or used to offset a counter-claim against any Palatial Leisure account and that the Managing Director of Palatial Leisure Limited, Patrick Duffy, acts as a Trustee to that account. This means that steps have been taken to protect customer funds but that there is no absolute guarantee that all funds will be repaid. This meets the Gambling Commission’s requirements for the segregation of customer funds at the level: medium protection.

The amount of protection is reviewed regularly and, at a minimum, is sufficient to cover:

  • Unused, cleared funds deposited to player accounts.
  • Cash winnings that remain in player accounts and have not yet been withdrawn.
  • Active jackpot amounts.
  • Any retained stakes.
  • Any bonus funds which may be converted to cash by a defined bonus scheme.

The level of protection that we provide for the protection of customer funds is rated medium using the UK Gambling Commission's rating system.

VERSION 3:  June 2015