Key points:
- The Money and Mental Health Policy Institute has launched the Gambling Harms Action Lab to help banks support customers impacted by gambling harms
- Nationwide is the first bank to join, and the programme aims to develop tools aligned with FCA’s Consumer Duty guidelines
- The Action Lab hopes to foster collaboration among financial institutions to improve the sector’s response to gambling-related harm
The Money and Mental Health Policy Institute, led by founder Martin Lewis, has announced a new initiative aimed at addressing gambling-related harm through the financial sector.
The three-year programme, known as the Gambling Harms Action Lab, will collaborate with banks and financial services to develop new tools for identifying and supporting customers impacted by gambling harms.
Nationwide Building Society is the first financial services firm to join the Action Lab.
Over an 18-month period, the programme will assemble a group of five to seven financial firms to share insights and strategies for meeting the Financial Conduct Authority's (FCA) Consumer Duty guidelines.
These regulations, effective since 2023, emphasise a consumer-centred approach, pushing financial institutions to improve outcomes for vulnerable customers.
The Action Lab aims to bridge the gap between those needing support for gambling harm and the current availability of services.
According to new research by the Money and Mental Health Policy Institute, a significant number of individuals are affected by gambling-related harm, yet many do not access the necessary support.
The programme therefore hopes to provide a structured environment for financial firms to explore potential solutions and integrate best practices, such as the gambling-blocking tools now available across most UK current accounts.
Good to know: This programme is partially funded through a settlement approved by the Gambling Commission
Commenting on the development, Helen Undy, CEO of the Money and Mental Health Policy Institute, stated: “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 to spread best practice 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.
“We’re delighted that Nationwide has come on board with the programme, and we’re urging more firms to get involved so that we can continue the momentum in tackling gambling harms that we’ve seen in recent years.”
Kathryn Townsend, Head of Customer Vulnerability and Accessibility at Nationwide, added: “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 organisation 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.”
