It was reported last week, Natwest one of the largest UK and Global banking companies are to introduce walk-in appointments for problem gamblers within their high street branches. It seems other major UK financial institutions are taking steps in the prevention of gambling related problems.
Transaction Limits
At the beginning of this week, HSBC posted a tweet confirming plans to introduce transaction limits relating to online gambling services by 2020. With the introduction of an algorithm on its online banking platform, new software updates will see limits set on daily spending in the gambling sector.Gambling addict Tony Franklin, who ran up debts of £1m due to problem gambling, posted a question to some of the larger UK banking institutions including, Lloyds, Barclays, Natwest, HSBC and Metro Bank asking which would be the first to implement daily spending limits on gambling transactions.HSBC quickly responded to his question by tweeting on its account, this was already under consideration with an algorithm set for November/December.
Closely Monitoring Spending On Gambling Products
UK regulators have made it a priority for online gambling and spending on gambling products to be closely monitored. All Party Parliamentary Groups have recommended a cap on spending limits for online gambling products, and also suggest a single sign-on mechanic is a good idea, gamblers can set limits for all gambling websites licensed in the UK.Some of the larger UK banks have already introduced tools for customers who use their mobile app to suspend all gambling transactions.Cashplus made updates back in March, allowing its British customers to ban credit card transactions to gambling sites, with Natwest looking likely to follow suit as part of their raising gambling awareness policy.