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In the Event of First 1 Club Becoming Insolvent

As part of our licensing obligations with the UK Gambling Commission, First 1 Club Limited is committed to transparency regarding the handling of member funds in the unlikely event of insolvency. Please review the following important information regarding the segregation of funds and the associated risks:

 

Segregation of Funds

  • - Members’ competition fees are held in dedicated client accounts, separate from First 1 Club’s operating bank accounts.
  • - However, please note that although these funds are segregated, they remain an asset of the business. This means that in the event of insolvency, the funds held in these accounts will form part of the overall assets available for distribution to creditors.

Lack of External Protection

  • - Member funds are not held in a trust or otherwise protected by a government guarantee.
  • - As a result, in the event of insolvency, there is a risk that you may not recover the full value of your funds, as they will be subject to the insolvency proceedings and may be distributed alongside other assets.

Definition of “Member Funds”

  • - “Member Funds” refers to the total amount credited to individual members’ accounts, which includes:
  • - All fees paid for participation in competitions.
  • - Any prize winnings that have been won but not yet awarded.