HSBC launches self-exclusion tools for gambling transactions
High-street bank says the option creates “positive friction” by giving customers time to consider their decision to gamble
HSBC has introduced optional self-restrictions for gambling transactions as part of its continued efforts to reduce financial harm around gambling.
The self-limits on gambling transactions can be activated by customers online, in-brand or over the phone and can only be reversed after a 24-hour cooling off period.
The bank said the option created “positive friction” by giving customers time to consider their decision to gamble.
The self-imposed limits are separate to the ATM-style automatic restrictions that HSBC is aiming to introduce next year.
HSBC head of financial inclusion and vulnerability UK, Maxine Pritchard, said: “With the bank receiving 12,000 calls a year relating to gambling, it’s clear we should do more to support these customers.
“While the option to restrict transactions will help people control their urge to gamble, we continue to work with charities and regulators on other ways in which we can ensure these customers have access to the right support.”
The restriction was developed in partnership with gambling support charities GamCare and GambleAware.
Mike Kenward, development director at GamCare, said: “We are very pleased to see more banks offering this additional layer of support to their customers.
“HSBC UK will be giving their customers a valuable tool to help them protect themselves and have received training to support their staff to help those they identify as affected by gambling issues directly.”
Around 504,000 HSBC UK customers made monthly gambling payments in 2018, with an average transaction value of £52.50.
UK challenger banks Starling and Monzo were among the first in the UK to provide their customers with the ability to restrict of limit gambling transactions made on their respective accounts.
In December 2018, Barclays became the first UK high street bank to allow customers to ‘switch-off’ spending in five different merchant categories, including gambling.
Last month, Natwest launched its own in-branch pilot scheme with charity GamCare, in which it uses private branch space to facilitate counselling sessions for those affected by problem gambling.