Unprecedentedly, seven of the most significant financial services firms in the UK – Barclays, First Direct, HSBC UK, Monzo, Nationwide, Starling, and Virgin Money – came together in support of a new national program to tackle gambling-related harm. The work is an 18-month project called the Gambling Harms Action Lab, led by the Money and Mental Health Policy Institute and funded by a regulatory settlement approved by the UK Gambling Commission. The goal of the project is to enhance bank responses to problem gambling by exploring new financial tools to limit spending, alongside additional support mechanisms for stakeholders. Generally, the unified financial perspective from this group highlights that the financial harm of gambling in British society is increasingly coming to light as a result of gambling activity.
Aligning Financial Innovation with Mental Health Awareness
The Gambling Harms Action Lab is launching its first project as evidence of gambling-related harm continues to grow in the UK. The Gambling Commission’s 2023 Gambling Survey revealed that 2.5% of British adults qualify as problem gamblers, while 12% fall into the moderate or low-risk categories. Among those affected, 58% said they hadn’t accessed any support. The Gambling Harms Action Lab aims to address this by working with banks to share best practices and create tailored solutions for individuals at risk. Conversely, the program will also be based on lived experience and will involve people with lived experience of gambling addiction and mental health within the Gambling Harms Action Labs process. This community-led experience will translate supporting mechanisms from something that can be strategic into something that can be relational.
Financial Institutions Strengthen Responsibility Under Consumer Duty
In addition to addressing further sophisticated financial protections, this initiative aligns with the guidelines on Consumer Duty issued by the FCA in 2023. These guidelines require financial services providers to treat customers fairly and to make outcomes better for customers, especially customers who are potentially vulnerable. Nonetheless, the Action Lab goes a step further by providing a dedicated space for banks to learn from each other, evaluate the effectiveness of their tools, and refine strategies in real time. Above all, it presents an opportunity to transform reactive support into proactive prevention, ensuring that no customer-facing gambling harm is left unsupported.
A National Commitment to Long-Term Solutions
The partnership alone in the financial sector comes at a crucial time, during a wider governmental shift to collaborative efforts to tackle gambling harms at a policy level. Earlier this month, the UK Government named the Office for Health Improvement and Disparities (OHID) the official “Prevention Commissioner for Gambling Harms”. This development represents a clear commitment to a more joined-up approach to addressing gambling harm through all sectors of the economy. However, in reality, meaningful change will come from banks acting decisively around commitment, innovation, collaboration, listening to impacted customers, and providing real support with compassion. That reducing harms from gambling is not only a regulatory and licensing requirement but also a social responsibility that, as a society, we need to take more collective ownership of.
