HSBC enacts UK credit card gambling ban
High-street bank adopts UKGC-backed ban which also applies to non-UK gambling and spread betting
HSBC will no longer allow its existing account customers to make gambling-related transactions on UK credit cards.
From today, all credit card transactions which HSBC identifies as gambling will be automatically declined.
The high-street bank has said the move is to “provide an extra layer of protection” for its customers. The measures will also include spread betting and the use of a HSBC credit card for gambling outside the UK.
It follows the adoption of Gambling Commission LCCP changes outlawing credit card use in gambling earlier this week.
HSBC revealed more than £16.5m was gambled on UK credit cards since the turn of the year, with an average transaction value of £65, while HSBC’s UK customers have spent more than £1.6m on gambling since the UK went into lockdown in March.
Last November, HSBC introduced functionality into its credit and debit card accounts allowing account holders to block gambling transactions and as of the end of February, more than 30,000 restrictions have been applied.
Three quarters of restrictions remained in place after the first 24 hours, beyond the period which account holders could turn off the restriction, enabling gambling transactions on the accounts. HSBC UK’s customer call centre currently receives an average of 1,000 calls a month relating to gambling.
HSBC head of financial inclusion and vulnerability Maxine Pritchard said the ban was the natural continuation of the measures introduced last year and would help to protect consumers from gambling-related harm.
“We know that this is a challenging time for many of our customers, with some not working and perhaps facing financial difficulty,” said Pritchard. “By taking away the option to gamble on credit cards, we hope to minimise the risk of problem gamblers accumulating debt and chasing their losses.
“Our specialist support team are on hand to help vulnerable customers including those at risk of financial harm from gambling and can refer to trusted external organisations where needed,” she added.