The Money and Mental Health Policy Institute, founded by Martin Lewis, has unveiled a new initiative focused on addressing gambling-related harm within the financial sector. The three-year programme, named the Gambling Harms Action Lab, will collaborate with banks and financial services to create innovative tools and strategies for identifying and supporting users impacted by gambling-related issues.
Nationwide Building Society has officially become the first financial institution to join the Gambling Harms Action Lab. Over the next 18 months, the programme will bring together five to seven additional financial firms to collaborate, exchange insights, and develop solutions that align with the Financial Conduct Authority’s (FCA) Consumer Duty guidelines, which was introduced in 2023. These guidelines aim to ensure a consumer-focus approach in supporting vulnerable customers.
The Action Lab will focus on addressing the significant gap between the growing number of individuals affected by gambling harm and the insufficient availability of support services. New research from the Money and Mental Health Policy Institute shows that many individuals affected from gambling-related harm do not access the necessary help or tools, highlighting the need for this initiative.
Collaboration to improve customer outcomes
The programme will create a collaborative environment where financial firms can explore and test solutions to better serve vulnerable customers. This includes features such as gambling-blocking tools already available across many UK current accounts.
CEO Helen Undy: A call for industry-wide action
Helen Undy, CEO of the Money and Mental Health Policy Institute, emphasised the significance of association within the sector. “We want to work with banks and other financial services to share ideas, overcome challenges, and improve support for customers.”
“The Gambling Harms Action Lab is an important opportunity for firms to drive progress, no matter where they are in their journey with this issue.”
“We’re delighted that Nationwide has come on board with the programme, and we’re urging more firms to get involved so that we can continue the momentum in tackling gambling harms that we’ve seen in recent years.”
In addition, Kathryn Townsend, Head of Customer Vulnerability and Accessibility at Nationwide, highlighted the importance of increased collaboration within the financial services sector to tackle the financial harm caused by gambling. “It’s great to see the Money and Mental Health Policy Institute leading the charge on this initiative.”
“We’re delighted to be the first to sign up and look forward to working alongside other firms to make a real difference to people’s finances, relationships, and mental health.”
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