It is a pleasure to serve under your chairmanship, Mrs Murray. I thank the hon. Member for Blaydon (Liz Twist) for tabling this debate and acknowledge her contribution to ensuring that these events receive attention. The Government appreciate the impact of Football Index's collapse on consumers and sympathise with those affected financially. Today's debate has been valuable and I commend all contributors for their thoughtful comments, highlighting the serious consequences of the collapse. The independent review of Football Index by Malcolm Sheehan KC identified areas where the Gambling Commission could have been more effective in responding to challenges posed by novel products and highlighted where the FCA could have co-operated more effectively with the commission. The report recommended that both bodies enhance their scrutiny of such products, prompt decision making, quicker internal escalation, greater scrutiny of product features, and additional liquidity requirements for longer-term tradeable bets. The Gambling Commission has taken various actions to implement these recommendations, including updating its statement of principles for licensing and regulation in June 2022, increasing resources available to ensure licensees disclose notifiable changes to products, changing its approach to licensing novel products where long-term bets might appear more like financial products, and enhancing the risk assessment process. The FCA has also implemented all the recommendations from the report, improving speed and consistency of decision making. An updated memorandum of understanding addressing all review's recommendations was agreed between the commission and the FCA in November 2022, establishing a process for co-operation and escalation, creating relationship owners to oversee operations, requiring quarterly minuted meetings, and providing an avenue for escalation. The minister also addressed issues around advertising, progress on gambling White Paper reforms, new product KiX, and engagement with the Gambling Commission and FCA regarding individuals previously involved in Football Index. He reiterated that both bodies are proactively monitoring potential products attempting to replicate Football Index and will take appropriate risk-based action if any activities fall within their remits. The minister concluded by thanking everyone for contributing to the debate and ensuring clarity about lessons learned from Football Index's collapse, actions taken by Government, Gambling Commission, and FCA.