New Banking Program Unveiled to Reduce Gambling Harm
The Money and Mental Health Policy Institute has launched a new program to tackle gambling-related harm through innovative partnerships with the financial sector.
New findings from the Money and Mental Health Policy Institute indicate that many people suffer from gambling-related harm.
LISTEN TO THIS ARTICLE:Named the Gambling Harms Action Lab, the initiative will unite banks, financial services, and experts in a collaborative effort to develop groundbreaking solutions for identifying and supporting customers affected by gambling-related harm.
While the program is scheduled to run for three years, in the first 18 months, it will bring together a group of 5-7 financial institutions to share insights and best practices for complying with the Financial Conduct Authority’s (FCA) Consumer Duty requirements.
Effective since 2023, these regulations prioritize consumer well-being, driving financial institutions to optimize support and results for susceptible individuals.
The program seeks to connect individuals affected by gambling harm with essential services, bridging the current gap in support.
New findings from the Money and Mental Health Policy Institute indicate that while many people suffer from gambling-related harm, a significant proportion do not receive the support they need.
To address this need, the program offers a collaborative framework for financial institutions to develop innovative solutions, adopt effective strategies, and leverage tools like UK-wide gambling-blocking technology.
We want to work with banks and other financial services to share ideas, overcome the challenges that might exist to improve support for customers, and spread best practices across the sector. The Gambling Harms Action Lab is an important opportunity for firms to help drive that progress, no matter how advanced they are or otherwise in this work.
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Greater collaboration is essential if we are to truly tackle financial harm caused by excessive or problem gambling. It’s great to see the Money and Mental Health Policy Institute leading the charge on this with the launch of its Gambling Harms Action Lab. We are delighted to be the first financial services organization to sign up to it and look forward to working alongside them and the wider industry to make a positive difference to people’s finances, relationships, and mental health.
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