Monzo CEO calls for universal gambling self-exclusion
TS Anil the new chief executive of digital bank Monzo has published an open letter to the UK government, calling for increased enforcement of responsible gambling safeguards on UK licensed operators and financial services providers.
The statement comes as social responsibility and customer affordability take on heightened importance, with UK gambling faces imminent changes as the government undertakes its generational review of the 2005 Gambling Act.
Anil urged sports minister, Nigel Huddleston, who leads DCMS review, to make the process of ‘self-exclusion increasingly seamless and efficient covering all gambling operators and businesses that transact with the sector.
The process would involve gambling companies providing their bank details, leading to the ‘universal blocking of transactions’ for specific customers that have requested self-exclusion .
Issuing a letter to the government, Monzo’s Chief Executive, TS Anil, stated: “We believe the government should take the opportunity afforded by the Gambling Act review to make sure every consumer in the UK can access these blocks, regardless of who they bank with.
“These tools are simple to build, proven to work, and will help protect hundreds of thousands of people.”
Since 2018, Monzo has independently operated its gambling-block service, of the which 250,000 customers have asked the company to ban all transactions online gambling websites, Monzo revealed its 2019 corporate report.
The firm added: “Ultimately, the Gambling Act review offers a unique opportunity to create a world-leading self-exclusion framework in the UK to reduce gambling harms, and help consumers gain control of their finances.
“The rise in online gambling, and new ways to pay, requires a robust response from the government.”
Each of the UK’s major banks currently has safeguards in place to support social responsibility in terms of gambling, however, Monzo underlined its belief that obstacles need to be removed in order for consumers to engage with the tools available.
The proposals by Monzo were backed by the University of Bristol, as it continues to research gambling harms and the most fruitful methods in supporting those at risk.
Furthermore, speaking to the Guardian, the Betting and Gaming Council also thrust its support behind the recommendations, as it stated: “We support all forms of blocking capabilities and are encouraged by the continued uptake by banks of these functions.”
Source: SBC News
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