The newly created gaming Harms Action Lab will be open for three years with the goal of minimizing financial harm associated with gaming. Financial institutions collaborate on this project, which is financed by a regulatory settlement from the Gambling Commission, to provide instruments to tackle financial difficulties associated with gambling. Enhancing financial assistance for those impacted by gambling and mental health disorders will be the program’s main goal.
Over the course of 18 months, five to seven financial services businesses will be brought together by the Gambling Harms Action Lab. These businesses will work together to identify practical answers to shared problems in order to assist clients who have suffered financial harm as a result of gambling. The lab will also benefit from the knowledge of a committed Research Community, which includes people who have personal experience with gambling addiction and mental health issues, in collaboration with the Money and Mental Health Policy Institute.
Banks and Financial Services Stepping Up
One of the Lab’s primary objectives is to help banks meet their Consumer Duty obligations, introduced by the Financial Conduct Authority last year. These regulations encourage banks to adopt consumer-focused approaches to banking. Building society Nationwide has already committed to the program, setting an example for other financial institutions.
Kathryn Townsend, Nationwide’s Head of Customer Vulnerability and Accessibility, emphasized the need for cooperation across the financial sector. “Greater collaboration is essential if we are to truly tackle financial harm caused by excessive or problem gambling,” she said. “We are delighted to be the first financial services organisation to sign up to it. We look forward to working alongside them and the wider industry to make a positive difference to people’s finances, relationships, and mental health.”
Alongside the launch of the lab, the Money and Mental Health Policy Institute released research indicating gaps in financial institutions’ support for those impacted by gambling. The findings reveal that while gambling block tools are widely available, many individuals still lack access to broader support services for gambling-related harm.
Helen Undy, Chief Executive of the Money and Mental Health Policy Institute, highlighted the essential role financial services play in addressing these issues. “Gambling problems can cause catastrophic harms for those affected by them,” Undy noted, emphasizing that banks have unique opportunities to intervene effectively.
Undy sees the Gambling Harms Action Lab as a step toward best practices across the sector. She remarked, “The Gambling Harms Action Lab is an important opportunity for firms to help drive that progress, no matter how advanced they are or otherwise in this work.” Through shared solutions and innovative approaches, the lab seeks to pave the way for improved consumer protections across the financial services industry.
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