Football Index administrators trigger accelerated withdrawal process

Football Index (FI) administrators Begbies Traynor have urged former users of the site to withdraw all funds by 19 August, as talks between FI’s administrators collapsed. In an update, Begbies Traynor, which administers FI’s parent company, BetIndex, has revealed it has been in “detailed” discussions with the administrators of FI’s platform provider, Index Labs Limited, to allow the FI platform to operate for an extended period to allow for customer withdrawals. However, the administrators have not been able to reach an agreement due to undisclosed “potential data risks” associated with continued use of the FI website. As a result, the option for customers to withdraw their funds directly through the website will be removed on 19 August. It is understood measures are being put in place to allow customers to be paid manually with their cash balances upon receipt of a withdrawal request. However, Begbies Traynor has warned FI customers that delays in payments are likely. “The customer cash balances are still protected and the administrators are holding these funds in a segregated account, however from Friday 20 August manual payments will need to be made for each customer wishing to withdraw their cash balances,” the firm explained. Former FI users wishing to manually withdraw their funds after Thursday’s deadline are required to provide ID and address verification, as well as a corresponding bank statement for source of funds purposes. “The Begbies Traynor team has been working closely with all relevant authorities, including the Gambling Commissions in the UK and Jersey to find a solution for the company and its various stakeholders,” Begbies Traynor said in a statement. “The joint administrators have also been in discussions to generate funding or investment to take the platform forward,” it added.