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UK Banks Roll Out Gambling Safety Products For Compulsive Gamblers
By Shane Addinall Nov 21, 2019 IndustryUK Banks work with GamCare and GambleAware to launch account controls that allow gamblers to distance themselves from the compulsion to gamble when it becomes overwhelming. Do we need more banking institutions to follow suit?If you spend any time online browsing a social media platform like Facebook or Instagram, then you’ve most likely seen an image bearing the quote:
“Be the change you wish to see in the world.”
However, in most cases that is where the sentiment ends. When it came to doing their part to provide their customers with the tools to protect themselves from the dangers of compulsive gambling behaviours UK banks Halifax and HSBC are making a positive change.
✓Activate Gambling Freeze
The Halifax mobile banking app now includes the option to freeze all gambling transactions for a fixed period. The 48-hour self-exclusion covers both debit cards and credit cards and cannot be cleared early.
Managing Director of Consumer Finance at Halifax, Elyn Corfield, said:
“We know that people who gamble a higher proportion of their income are more likely to face financial pressure – so we’ve introduced the freeze tool to help them manage that. Importantly, by also introducing a defrost period we’re helping to protect those who might otherwise make an impulsive return to gambling,”
This boots on the ground approach to helping their customers address a real concern in managing their finances are highly commendable.
✓Call For A Timeout
HSBC in the UK is another proactive bank to offer their customers the ability to self-exclude their accounts from all forms of gambling. The self-exclusion comes with a minimum cooldown of 24 hours to ensure that the customer has the chance to shake off the compulsion and perhaps even seek counselling if needed.
HSBC worked alongside GamCare and GambleAware when designing their process to ensure it would be effective in creating the space compulsive gamblers need to seek assistance. Banking staff underwent training with GamCare to ensure they are able to offer real guidance to troubled customers.
More importantly, however, was that the impetus behind the initiative came from HSBC taking on board feedback from their customer base when they expressed concern over the impact of problem gambling on their finances and families.
✓Can These Programs Make A Difference?
Gambling behaviour researcher at the London School of Hygiene and Tropical Medicine, Dr Heather Wardle, believes so:
“The financial sector is a key enabler of the gambling industry; without them, online gambling couldn’t exist. So, it’s right that banks and other financial institutions take the protection of people from gambling harms seriously.”
While online gambling is for entertainment the reality is that the incentive of winning big does sit at the centre of the desire to gamble for many people. By managing the ebb and flow of the cash it makes sense that problematic behaviours can be managed at the same time.
If you feel that your gambling is shifting from pure entertainment to a compulsion, please visit our Problem Gambling page to get guidance on protecting yourself and your family.
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