According to The Racing Post, British bank Santander UK has been charged with “massive overreach” for contacting clients to voice concerns about their gambling.
Many of the bank’s clients have reported getting emails in recent weeks directing them to look for resources and treatment for problem gamblers. That’s even if they have made a profit for the month if their spending is comparatively modest.
According to one gambler who spoke to the Post, on February 18, he got the warning, “Your gambling activity has been high recently … Support is available if you believe that gambling is negatively affecting you.
The bank continued by providing links for independent support from gambling charities, restricting gambling transactions, and setting up notifications in the event that a balance falls below a predetermined limit.
Santander is one of the 11 banks that provide resources for problem gambling
Terry Broughton, the client, stated that he had deposited £635 on Bet365 and taken out £768 and £174 on Ladbrokes, respectively, that month.
After getting the email, he told the Post, “I was on live chat with Santander and asked if they send emails to people who spend money in the pub or shopping and they don’t know what to say to you.”
The Santander initiative was described as “massive overreach” by another client.
I don’t need to be contacted about gaming by the organization I bank with. He grumbled, “They don’t call my wife and tell her she spends too much at Zara.”
According to the UK gaming Commission (UKGC), Santander is one of 11 UK banks that provide resources to people who could be at risk of problem gaming.
“Committed to supporting any customers at risk of harm, including from gambling,” the bank stated in a statement.
“We target our communications based on a variety of customer circumstances and behaviors,” Santander continued. “We have been communicating with customers who might be at risk of financial harm in this manner for a number of years.”
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Verifications of Affordability
As part of a reform package aimed at strengthening consumer rights, the UK has placed affordability checks on the gaming sector. Operators must actively seek out and assist patrons who could be having financial issues as a result of their gambling.
Operators must conduct financial vulnerability assessments on clients with net deposits over £500 over a 30-day rolling period, as of last month.
Many recreational gamblers think the checks are too invasive, but the regulation necessitates finding a careful balance between upholding civil liberties and protecting customers.
Critics worry that the UK horse racing industry may suffer greatly as a result of the subsequent decline in betting activity.
The Horserace Betting Levy, which is a portion of bookmaker profits, provides funding for the sector.
Sean Trivass, chair of the Horserace Bettors Forum, stated that the strategies used must carefully strike a balance between protection and respect for individual liberty and privacy.
“In addition to violating individual rights, overly intrusive measures run the risk of pushing customers toward risky betting methods [such as the black market], endangering both individual well-being and the horseracing industry’s financial stability.”
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