The UK Gambling Commission (UKGC) has released its latest consumer advice initiative, offering a comprehensive rundown of the ‘gambling block services’ currently provided by high street and digital banks to the general public.
‘Money and rights’
The initiative is part of the new segment of the UKGC’s ‘money and rights’ introduced at the beginning of the year, providing the public with comprehensive details on their consumer rights and choices when interacting with gambling firms.
The UKGC offers a complete rundown of the gambling block facilities and other safer gambling support resources within its new section, which are currently provided by nine UK high street banks: Bank of Scotland, Barclays, Halifax, HSBC, Lloyds TSB, MBNA, Natwest, RBS and Santander.
Digital bank apps
The list is rounded off by the safer gambling features provided by Starling and Monzo’s fast-growing digital banking apps.
While most UK banks have introduced gambling block components to their bank account services, there are still some notable exemptions from incumbents, including Citibank, Co-operative, Nationwide, Standard Chartered, Metro Bank and Virgin Money, that do not offer current safer gambling protections.
Financial services’ obligations to ensure safer gambling protections have been put as a key element of the ongoing review of the 2005 Gambling Act by the government.
Last week, Monzo’s new chief executive, TS Anil, published an open letter to DCMS suggesting that the government must impose improved transparency by financial services companies for safer gambling duties.
Working in collaboration with Fintech compliance specialist TrueLayer, Monzo revealed that as a new open banking API feature, it had started trailing its proprietary gambling block service.
The collaboration aims to create a ‘common gambling block’ for all financial services (banks, credit cards, e-wallets, loans, etc.) that will be available as a standard prerequisite for all financial services to be incorporated.