FINANCE NEWS: Camelot penalised for late payment to Lottery Distribution

Lottery operator Camelot has been fined £1,628 for making a late payment to the National Lottery Distribution Fund.

The fine was imposed by regulator the National Lottery Commission after Camelot was more than a month late in making a payment of £222,085 to good causes.

Camelot accepted the breach and agreed to pay the penalty interest.

A spokesman for the National Lottery Commission said: "It is very rare for there to be late payments to the distribution fund, but this case shows that the Commission detects them and takes action through the application of penalty interest so that the good causes do not lose out.

"The idea of penalty interest means that it more than compensates for any interest that would have been earned had the money been paid on time. That is a deterrent to ensure the money is passed to the correct accounts in the correct amounts when it is due."

The Commission's website now has details of all licence breaches.

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