UK study calls for standards to require banks to monitor for gambling harm

The study calls for industry standards.
The study calls for industry standards.

A study by the Queen Mary University of London finds financial institutions in a unique position to help.

UK.- A study conducted by Queen Mary University of London has suggested that financial institutions should do more to help identify and reduce incidents of gambling harm. The Multi-disciplinary Research Hub on the Prevention of Gambling Harms suggested that banks are in a unique position to be able to adopt innovative solutions to offer support.

Dr. Janelle Jones, senior lecturer in social psychology at Queen Mary University, said banks can conduct spending analyses on their customers to identify potential issues and have the power to communicate to provide early intervention or to proactively recommend support services like Gamcare.

The report argued that such actions would align with the new UK Financial Conduct Authority (FCA) Consumer Duty rules. She also noted that banks would not face the same conflicts of interest involved in the work of gambling operators themselves in their gambling harm measures.

For now, the research team, which includes professor of internet law Julia Hörnle, said there are inconsistencies in the implementation of measures across the banking industry. She suggested there was a need for industry standards and guidelines and called for collaboration between banks and gambling regulators.

Last month, GamCare announced plans to revise the UK safer gambling standard.

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