Key points:
- Seven UK financial institutions have joined the Gambling Harms Action Lab to develop new tools for tackling gambling-related harm
- The initiative responds to a Gambling Commission report showing that 2.5% of surveyed adults experience problem gambling, with many not seeking support
- The program will align with FCA Consumer Duty regulations and be shaped by individuals with lived experience of gambling harm
Seven major UK financial institutions have committed to addressing gambling-related harm by joining the newly launched Gambling Harms Action Lab, an initiative led by the Money and Mental Health Policy Institute.
Barclays, First Direct, HSBC UK, Monzo, Nationwide, Starling and Virgin Money will collaborate to explore and implement new tools aimed at protecting customers at risk of gambling harm.
The 18-month program, funded through a regulatory settlement approved by the Gambling Commission, seeks to improve financial sector responses to problem gambling.
The initiative comes in response to findings from the Gambling Commission’s 2023 Gambling Survey for Great Britain, which revealed that 2.5% of surveyed adults experienced problem gambling, while an additional 12% were at moderate or low risk.
Notably, 58% of those with problem gambling had not accessed support services in the past year.
Good to know: Banks and financial services firms are in a unique position to identify gambling-related harm, as they often have direct visibility into spending behaviours
The Gambling Harms Action Lab will encourage collaboration between firms, allowing them to share best practices, refine existing support mechanisms and develop new solutions.
The initiative will also align with financial institutions’ obligations under the Financial Conduct Authority’s (FCA) Consumer Duty, introduced in 2023, which requires firms to ensure fair treatment and better outcomes for customers.
The programme will be informed by Money and Mental Health’s Research Community, a group of individuals with lived experience of gambling harm and mental health challenges. Their insights hope to help shape practical solutions for those most affected.
Commenting on the development, Nikki Bond, Head of the Gambling Harms Action Lab, stated: “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. 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."
This new initiative coincides with the UK Government's recent appointment of the Office for Health Improvement and Disparities (OHID) as the Prevention Commissioner for Gambling Harms – a move that signals a more structured approach to addressing gambling-related issues at a national level.
