Leading UK Banks Join Collaboration to Tackle Gambling Harm
Seven leading banks and financial providers in the United Kingdom (UK) have announced they are to collaborate with the Gambling Harms Action Lab, part of the Money and Mental Health Policy Institute, to provide support to individuals who may be vulnerable to gambling-related issues.
LISTEN TO THIS ARTICLE:This initiative is funded and supported by the regions gaming regulator, the UK Gambling Commission (UKGC). The UK banks who have joined the Gambling Harms Action Lab are Barclays, first direct, HSBC UK, Monzo, Starling, Virgin Money, and Nationwide. This collaboration will see the participants spend 18 months trying to come up with solutions to support gamblers who are vulnerable to gambling related harm.
Gambling harms can impact all aspects of a person’s life – from people’s relationships to their finances and mental health. It’s vital that we see cross-sector action to find solutions to these problems. So we’re absolutely delighted by the commitment these seven leading financial services firms have demonstrated to better support customers by coming on board to join our Gambling Harms Action Lab programme. This will provide a space to work together and support each other in overcoming these shared challenges. […] Working together, we’ll achieve better protections and a new standard for what good looks like in financial services and gambling harms.
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The aim of this collaboration is to come up with a range of solutions and support for those who may face harm from gambling activities. The UK banks in the scheme are hoping this process will lead to a new set of standards for financial service providers relating to customers in the gaming industry in the UK.
The UK banks in the scheme are regulated by the Financial Conduct Authority (FCA) and these banks state this scheme aligns with the guidelines set out by the FCA which states that financial service providers in the UK are obliged to support customers who may be vulnerable.
At the Gambling Commission we believe that greater sector collaboration is a key part of creating effective solutions that reduce gambling related harm. Financial services firms are not the cause of gambling harms, but they have a unique role to play as part of the solution. We are not alone in that thinking – the commitment from current account providers to the Gambling Harms Action Lab is testament to that. We would like to say thank you to firms for agreeing to support this important programme of work.
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