Ecommpay responds to ticket price cap consultation

Willem Wellinghoff, Chief Compliance Officer and UK Chair of inclusive payments platform, Ecommpay comments on the tickets price caps consultation:

There is a deep concern in the financial services sector that price caps on tickets could actually do more damage to consumers – and to the wider financial ecosystem – than good. There is clear evidence from other countries – including Ireland and Australia – that price caps simply send the fraudsters underground to social media. And these unregulated platforms leave fans totally unprotected.

Along with other industry experts, we urge government to look at robust anti-fraud measures and smarter regulation. Solutions like open ticketing, enhanced risk profiling and digital verification could have much more positive outcomes, whilst keeping competition alive.