Money and Mental Health Policy Institute releases gambling-related harm guidance for banks
New report draws on lived experiences of gambling addiction and highlights three-pronged approach
The Money and Mental Health Policy Institute has launched a new best practice guide to help banks step up efforts to support customers struggling with gambling-related harm. The new guidance sets out a range of ideas on how financial institutions can better identify risks and then support users to manage their financial situations. The report was developed in tandem with financial services professionals and also called upon testimonies from those with lived experience of gambling-related harm. The report identifies three key areas where banks can make the biggest difference to their at-risk customers. The first is to develop a culture of support and ensuring staff are fully aware of the nature of gambling-related harm. The second is how to use customer data in an ethical way to determine whether they are in danger of problem gambling. The final focus point was to empower at-risk customers by guiding them through the relevant support frameworks with external parties, while also implementing transactional blocks and spending controls. Helen Undym, Money and Mental Health Policy Institute CEO, said she was pleased to see prevention strategies implemented by banks, including transaction blocks, but that there was still room for improvement. She said: “There are still important opportunities for banks to build on this progress and to step up support for those at risk. “We hope this guide can equip firms with the practical advice and ideas they need to take the next steps in improving support for customers, no matter how advanced or otherwise they are in this work.” Tim Miller, UKGC executive director, added: “This guide sets out useful ideas and steps firms can take to help protect those at risk, building on the progress they have made over recent years. “We hope it will help financial services firms to continue to have a meaningful impact in reducing the financial and other harms which can result from gambling problems,” he concluded.