Responsible Gambling Council urges Canada’s financial sector to help mitigate gambling-related harm
It argues that the institutions are uniquely positioned to protect their customers’ financial well-being.
Canada.- The Responsible Gambling Council (RGC) is urging Canada’s financial sector to take a proactive role in mitigating gambling-related financial harm. A new whitepaper highlights how banks and credit unions are positioned to protect the financial well-being of their customers.
The whitepaper “Opportunities for Impact: The Role of Financial Institutions in Mitigating Gambling-Related Harm” argues that financial institutions have direct access to gambling transaction data that reveals early warning signs of financial vulnerability, such as rapidly shrinking savings and an increased reliance on overdrafts or credit.
It notes that banks such as Monzo and Starling in the UK were the first to offer voluntary gambling blocks to their customers while the National Australia Bank provides dedicated support pages and links to financial counselling.
RGC recommends that Canadian financial institutions improve the accuracy of Merchant Category Codes to better track gambling spend, offer voluntary transaction blocks and self-defined monthly spend limits, and provide targeted messaging and support resources within digital banking platforms. RGC said it is committed to working with the financial sector to develop evidence-based tools and resources.
Tracy Parker, SVP, accreditation, advisory & insights at RGC, said: “The rapid expansion of regulated gambling in Canada requires an evolved response from our financial systems. By adopting tools already proven in other jurisdictions, Canadian banks can become leaders in protecting customer financial health.”
