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New procedures after bloodstock industry review
The Review of the Buying and Selling of Racehorses and Bloodstock in Britain recommended a raft of measures to improve bloodstock industry integrity
GREATER LEVELS of “sale ring education” for all parties, a strengthening of the Code of Practice at bloodstock sales, greater transparency
of ownership details and
an independent complaints procedure are four of the broad measures that have been put forward by the Bloodstock Industry Forum (BIF) in response to the findings
and recommendations made by the British Horseracing Authority’s (BHA) Review of the Buying and Selling of Racehorses and Bloodstock in Britain.
At the end of December 2019 the BHA released an 83-page report detailing various unethical actions in the bloodstock industry with plans to improve the industry’s integrity. Representatives of stakeholders in the bloodstock industry have pledged to reverse that momentum.
The full release of the report concludes a two-year long, wide-sweeping investigation of the British bloodstock industry. Over 70 people were anonymously interviewed over the course of the investigation.
Justin Felice, a former police officer who led the report, noted that the “vast majority” of the bloodstock industry’s participants conducted themselves within the social and
governing laws in place, but the industry at large has been affected by those who act unscrupulously.
“We have found clear and compelling evidence of widespread instances of breaches of agency and fiduciary duties... which
in certain circumstances also constitute potential criminal offences. There are also concerns that certain alleged practices could constitute money laundering and/or tax fraud offences,” wrote Felice.
Tattersalls marketing director Jimmy George, who chairs BIF, formed in September and comprising representatives of the stakeholder groups involved in the buying and selling of racehorses and bloodstock, said: “Work is well underway in producing
an all-new, robust Code of Practice which
will not only appear in all Tattersalls and Goffs sales catalogues, but will be widely disseminated and available through all BIF member organisations and will be regularly reviewed.
“Crucially, the new Code of Practice sets out to introduce a complaints procedure independent of the industry bodies, with, when necessary, ultimate sanction lying with the BHA whose regulatory and investigative processes the forum believes to be sufficiently robust and confidential to support the
implementation of the new Code of Practice. “Similarly, every one of the component members of BIF is committed to introducing
a more effective programme of education, awareness and communication of appropriate conduct for all participants in the bloodstock industry and to having full harmonisation of the new Code of Practice with the relevant governing bodies in Ireland, with whom BIF has already had extremely positive initial discussions.”
The licensing of agents was a key recommendation put forward by the review, however, Oliver St Lawrence, speaking on behalf of the Federation of Bloodstock Agents (FBA), said: “BIF had lengthy discussions on this topic and it was recognised by all, including the BHA, that the licensing of ‘agents’ in the broadest sense of the word
was extremely challenging both logistically and in terms of the international norms applying to buyer participation at bloodstock sales.
“Nevertheless, the FBA is determined to put in place more rigorous requirements surrounding our membership, including an ‘integrity course’ for all, and to establishing membership of the FBA as a recognised and sought after ‘kitemark' of personal and corporate integrity.”
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