IMMEDIATE RELEASE

Money and Mental Health to launch new project to help financial firms tackle problem gambling

18 October 2019

The Money and Mental Health Policy Institute has announced that it is launching a new project to engage financial services firms with efforts to tackle gambling related harm.

The charity has secured funding through a Regulatory Settlement approved by the Gambling Commission (the regulator for the gambling industry) to undertake a two-year programme of work, aimed at increasing action among financial firms towards reducing gambling related harm. 

The programme will see Money and Mental Health organising events and workshops for financial services providers to highlight the latest evidence on initiatives to address gambling related harm, and producing a best practice hub with resources on how financial firms can contribute to these efforts. 

The programme will complement and support other ongoing initiatives exploring the role financial services can play in reducing gambling related harm, such as the recently announced research partnership between the University of Bristol’s Personal Finance Research Centre and the charity GambleAware. 

Money and Mental Health was set up by Martin Lewis, the MoneySavingExpert, in 2016. One of the organisation’s long-term priorities has been to encourage financial firms to give customers more tools to control problem spending, including from problem gambling.

Helen Undy, Chief Executive of the Money and Mental Health Policy Institute, said: 

“Gambling can have a devastating impact on your finances, mental health and personal relationships, yet people often struggle with these problems alone because of the stigma and shame that surround gambling problems. That means that someone’s bank or building society can be one of the few organisations able to see if they’re experiencing gambling problems, and so financial firms can also be a crucial part of the solution. 

“We are delighted to be working with the Gambling Commission on this exciting new project to help financial firms contribute to efforts to tackle gambling related harm. We hope it will help firms take more action to support people in dealing with gambling problems, and avoiding the devastation that these issues can cause.”

Tim Miller, Executive Director at the Gambling Commission:

“Supporting collaboration with partners from a range of different industries is a key approach to maximise the impact of the National Strategy to Reduce Gambling Harms. The financial sector is an example of one industry which would benefit from working together to develop more tools and controls to help vulnerable customers manage the amount they spend on gambling. There are already some good examples of banks and building societies who offer, or are developing, transaction blocking software for gambling. There are also some positive research partnerships emerging – but we know more can be done.

“This project is therefore going to be vital if we are to meaningfully reduce the financial and other harms which can come from gambling.”

ENDS

• For more information or to set up an interview, please contact Brian Semple, Head of External Affairs at Money and Mental health, on 07935 216 804 or [email protected]