Gambling Harms Action Lab Welcomes Major UK Financial Firms
Seven major UK financial institutions are collaborating with the Gambling Harms Action Lab to develop innovative tools. The initiative aims to provide enhanced support for customers facing gambling-related challenges.
Action Lab Gains Key Financial Backing
The Money and Mental Health Policy Institute, founded by Martin Lewis, announced the participation of several firms. Barclays, first direct, HSBC UK, Monzo, Starling, Virgin Money, and Nationwide will join the Gambling Harms Action Lab.
The 18-month program is funded by a Gambling Commission regulatory settlement. It will address challenges in aiding those affected by gambling harm. The firms will meet in late February 2025.
Survey Highlights Need for More Support
The Money and Mental Health Policy Institute stressed the need for action. They referenced the Gambling Commission’s Gambling Survey for Great Britain.
The survey showed 2.5% of respondents experienced problem gambling. Almost six in ten did not access support services in the past year.
The Gambling Commission launched the program in November.
Collaboration Aligns with Consumer Duty
Participating firms will explore new methods to improve customer support. This support is for those experiencing gambling harms.
The Money and Mental Health Policy Institute will guide them. This effort aligns with the Financial Conduct Authority’s Consumer Duty.
The Consumer Duty has been effective since 2023. The Money and Mental Health’s Research Community will help shape solutions. This community includes individuals with lived experiences.
Industry Leaders Emphasize Collaboration
Nikki Bond, head of the Gambling Harms Action Lab, stated:
“Too many people in Britain are still experiencing gambling harm. Gambling harms can impact all aspects of a person’s life – from people’s relationships to their finances and mental health.”
Tim Miller, executive director at the Gambling Commission, noted:
“At the Gambling Commission we believe that greater sector collaboration is a key part of creating effective solutions that reduce gambling related harm. Financial services firms are not the cause of gambling harms, but they have a unique role to play as part of the solution.”