Several major UK banks have joined the Gambling Harms Action initiative, including Barclays, First Direct, HSBC, Monzo, Nationwide, Starling, and Virgin Money.
Established by the UK Gambling Commission and the Money and Mental Health Policy Institute, the Gambling Harms Action Lab is an 18-month program aiming to improve the financial side of problematic gambling.
It was launched as a response to the UK Gambling Commission’s 2023 Gambling Survey, which found that around 2.5% of adults experienced problem gambling, and 12% were at moderate risk of developing a potentially dangerous habit. Furthermore, it has been revealed that more than half of problem gamblers had not accessed supported services.
The Gambling Harms Action Lab is built around collaboration between firms, which will allow for a consensus on best practices for gambling, including the refinement and development of existing (and new) support systems for those affected.
This initiative is aligned with the financial institutions’ obligations as part of the Financial Conduct Authority’s Consumer Duty, also established in 2023, which requires fair treatment and better outcomes for customers of these firms.
Nikki Bond, Head of the Gambling Harms Action Lab, said: “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.”
Bond continues: “This will provide a space to work together and support each other in overcoming these shared challenges. We will work with firms to ensure they build on their existing knowledge base and develop improved solutions that work for their customers experiencing gambling harms.”
Strengthening the program is the recent instatement of the Office for Health Improvement and Disparities as the Prevention Commissioner of the Gambling Harms Action Labs. The UK Gambling Commission recently announced its financial risk assessments pilot would continue until April 2025. It also confirmed that Stake would cease operating in the country and fined Merkur Slots £95,450 after a recent investigation.
Also in the news, British Poker Series Direct was accused of owing a content creator $60,000.
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