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A UK centre of expertise on money and mental health problems has developed a new three-year plan to help banks tackle gambling harms and released new research on the role they play in tackling gambling harms.

The Money and Mental Health Policy Institute the Gambling Harms Action Lab, a three-year programme working with current account providers to develop and implement new tools to address gambling-related harm, on November 5.

Helen Undy, chief executive of the Money and Mental Health Policy Institute, said financial services are in a “unique position to help”.

“We want to work with banks and other financial services to share ideas, overcome the challenges that might exist to improve support for customers, and to spread best practice across the sector. The Gambling Harms Action Lab is an important opportunity for firms to help drive that progress, no matter how advanced they are or otherwise in this work.”

titled “Shining a light: Exploring the role of financial services in tackling gambling harms” was also published alongside the announcement.

It found there is a “huge gap” in the number of people needing support for gambling harms and those regularly accessing these services.

Additionally, under the Consumer Duty framework, there is more action current account providers can and should be taking to address gambling harms.

The report makes four key findings: utilise data to identify customers experiencing or at risk of gambling harm; advance and refine existing tools such as bank gambling blocks; proactively communicate with customers identified as at risk of or experiencing gambling harms; and integrate gambling harm awareness into customer journeys.

The Gambling Harms Action Lab will develop and test new tools and interventions, with direct input from the charity’s research community, including people with experience of mental health problems and gambling harms.

Improving support and outcomes for customers experiencing gambling harms is intended to help banks meet their requirements under the Financial Conduct Authority’s Consumer Duty, which came into effect in 2023. The duty requires businesses to take a more consumer-centred approach to banking.

Nationwide is the first financial services firm to sign up for the programme, but the charity says it will “bring together a group of five to seven financial services firms for an 18-month period, to explore and address common challenges to improving support for people experiencing gambling harm”.

Kathryn Townsend, the head of customer vulnerability and accessibility at Nationwide, said: “Greater collaboration is essential if we are to truly tackle financial harm caused by excessive or problem gambling.”

The Gambling Harms Action Lab has been funded by a regulatory settlement approved by the Gambling Commission.