billy the punter Posted August 11, 2008 Share Posted August 11, 2008 Taken from RP: THE future of National Lottery, football and Tote pools syndicates has been thrown into doubt after the Financial Services Authority moved against a successful Scoop6 club on Saturday. The Saturday Six Club, an offshoot of the Elite Racing organisation, has been temporarily disbanded after the FSAdeemed it to be a collective investment scheme. This means organiser Matthew Budden can no longer pick the perm and the 7,000 members who subscribed have had to be circulated with voting forms about which horses to include in future perms. Tony Hill, managing director of Elite Racing, said: “The club should be back up and running in ten days or so, but it's nonsense and comes at the worst possible time with the big rollover this week. “The club would have put in up to £30,000 today. It's a ridiculous situation, with effectively two government departments saying different things. “The Tote, owned by the government, has been happy to take our bets, and now the FSA say they can't and threatened the club officials with a heavy fine or imprisonment. “We are clearly not an investment scheme, otherwise all the syndicates betting into the Tote are and should be shut down too. The FSA has clearly stepped over the mark here, although it does a good job regulating generally. “It meansany betting syndicate should have to check whether it is complying with this law or it could face being hauled into court – it means it could cut money going to not only the Tote but also Camelot and the pools companies.†Pete Littlewood, from Nottingham and a club member, said: “It's very disappointing not to be able to have a go at today's big rollover. “We've been sent a voting form in the latest newsletter to vote for whether to have the favourite, second, third or fourth favourite in any leg, which isn't any good.†A Tote spokesman, after consulting the firm's legal team, said: “We understand the law and why it has been applied, but feel it is a draconian and unnecessary application of the law. “It is law of unintentional consequences and not appropriate in this instance. We hope the Saturday Six Club can work a way round it.†Nobody was available for comment at the FSA on Saturday night. Oh and it's another rollover, but you probably knew that. I will be having a real crack this Saturday. Quote Link to comment Share on other sites More sharing options...
ONEDUNME Posted August 11, 2008 Share Posted August 11, 2008 Re: Important Scoop News Me too. I've got my 30 grand ready :lol Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.