Innovative approaches by financial institutions can make a crucial difference in gambling-related harm

With record numbers of people seeking help for problem gambling through the National Gambling Helpline last year, new figures from the Gambling Commission show that 1.3 million adults in the UK have suffered gambling-related harm. It could, new research from Queen Mary University suggests. London has revealed innovative and effective ways financial institutions are helping victims.

A multidisciplinary research center on gambling harm prevention, led by Professor Julia Hornley and Dr Janelle Jones, has been unveiled. Key findings About the essential role of banks in preventing serious financial loss arising from problem gambling among their customers. The evidence suggests this. Financial Institutions are in a unique position to offer effective support to reduce gambling-related harm that may go unnoticed by others in the sufferer’s social circle.

About 44% of the population engaged in gambling activities in the year to March 2023. However, for a significant minority, gambling can become a problem, potentially resulting in serious financial indebtedness. Mental health issues such as depression and anxiety, and an increased likelihood of suicide and criminal involvement.

Co-author Dr Janelle Jones, Senior Lecturer in Social Psychology at Queen Mary University of London’s School of Biological and Behavioral Sciences, said: “Our research highlights the devastating personal consequences of problem gambling. Banks, with its unique position and Access to transaction and behavioral data can help identify consumers effectively and address their gambling problems sooner.”

Despite the inherent challenges posed by the hidden and clandestine nature of compulsive gambling, research suggests that by using tools such as gambling blocks, analyzing costs, and engaging in proactive communication, banks can effectively identify and address their gambling. Can help users cope. – Related issues

Furthermore, the research highlights the importance of banks actively linking affected customers with specialist support agencies such as Gamcare, the leading provider of information, advice and support for those affected by gambling losses. Such proactive measures are not only consistent with the new consumer duty imposed by the Financial Conduct Authority (FCA) but also serve as important measures to promote consumer welfare and financial stability.

However, the study revealed inconsistencies in the implementation of these measures across the banking industry, highlighting the urgent need for industry-wide standards and regulatory guidelines.

Co-author Professor Julia Hornell, Professor of Internet Law at Queen Mary University of London’s School of Law, said, “While there is considerable debate and positive innovation, implementation is very difficult. This means in practice that the degree Helping people who have suffered loss is a matter of luck. Clear guidance and minimum standards are needed on what the new consumer duty means to protect people who have suffered serious gambling loss. We recommend We want the FCA to issue guidance in this regard and we hope this report is helpful to that end.”

The report concludes that by establishing clear standards, regulators can facilitate more effective prevention of serious gambling-related financial harm, ultimately saving lives and protecting individuals from the harmful effects of gambling. are Problem gambling. The report also found that banks and regulators should involve people with experience of gambling-related harm in designing measures.