The bank announced that it will extend the block on gambling transactions to 72 hours. This decision was influenced by the rise in online bets and active accounts, as more people have returned to working from home. Maxine Pritchard, head of financial inclusion and vulnerability at HSBC UK, stated that this extension aims to support customers during these challenging times, especially those facing financial difficulties.
By providing a longer period for customers to pause and reflect before engaging in gambling activities, HSBC is taking steps to assist them in managing their finances. Pritchard added that customer feedback regarding gambling control revealed the need for further support, leading to collaboration with GamCare to develop an appropriate solution.
The gambling transaction block, launched in 2019, serves as a “cooling off” mechanism for individuals feeling a loss of control over their gambling habits. HSBC customers can activate this block through various channels such as the HSBC app, telephone banking, or visiting a branch.
GamCare CEO Anna Hemmings praised HSBC’s initiative, stating that the ability to block gambling transactions is a crucial tool for those struggling with gambling issues. Hemmings emphasized the importance of combining this feature with other practical measures like self-exclusion, blocking software, and specialized support in addressing the problem. She highlighted research from the University of Bristol Personal Finance Research Centre, which suggests that “positive friction” like a cooling off period contributes to the effectiveness of transaction blocks.
Furthermore, Hemmings commended HSBC UK and first direct for taking this positive step to support their customers. It is worth noting that blocking gambling transactions has become a popular feature among banks since online banks like Starling and Monzo introduced it in June 2018.
