We must stamp out bad practice says chief of bloodstock agent body

The chairman of the Federation of Bloodstock Agents has reiterated his belief he operates in "an industry that broadly behaves very well" but committed to "stamping out the small elements of bad practice" that was condemned in a leaked BHA report which highlighted improper behaviour that is potentially criminal.

The review, carried out by former policeman Justin Felice, shone a damning light on the buying and selling of bloodstock in Britain.

In his report Felice was most critical of bloodstock agents, five per cent of whom, it was alleged, were "bad apples" engaging in "improper practices" such as demanding vendors pay a percentage of a sale price, known as luck money, dual representation ("where the agent acts for both purchaser and vendor and charges commission to both parties"), secret profiteering and bidding up a horse's price.