In a significant move to combat rising gambling harm, Nationwide Building Society has announced a UK banking first: a new feature that can block some customer accounts from gambling transactions for a mandatory 72-hour period.
A 'Heartbreaking' Trend Prompts Action
The initiative is a direct response to what the building society describes as a "heartbreaking" trend, where one in five people would not seek help if their gambling became problematic. Nationwide is the first financial services firm to join the newly formed Gambling Harms Action Lab, a programme spearheaded by the Money and Mental Health Policy Institute.
Kathryn Townsend, Head of Customer Vulnerability at Nationwide, emphasised the need for judgement-free support. "People need to know support is available, without judgement, should they need it," she stated. "We made a conscious decision to offer a gambling block with a 72-hour cooling off period to support customers making decisions that are right for them."
Partnerships and Industry Collaboration
The 72-hour block is designed to create a crucial pause, helping individuals break impulsive cycles. Nationwide's existing partnership with the support charity GamCare remains a cornerstone of its approach. The decision to join the Gambling Harms Action Lab signifies a deeper commitment to industry-wide collaboration.
Nikki Bond, Head of the Gambling Harms Action Lab, welcomed Nationwide's involvement. "Financial services firms are in a unique position to help those experiencing gambling harms," she said. "Our Lab is bringing together account providers to develop better support and tools, with input from experts by experience at its heart."
The Stark Reality of Gambling Losses
The announcement coincides with revealing data on the financial impact of gambling, which shows a pronounced gender disparity. Research indicates that men are far more likely to lose larger sums, with the biggest average loss on a single bet recorded at £265, compared to £98 for women. Over the course of a year, average losses were £467 for men and £255 for women.
Mark Weiss, Deputy Chief Executive of GamCare, highlighted that the festive period can be particularly challenging. "It can be a difficult time for those struggling with gambling, but it can also provide a good opportunity to open up about the issues you’re facing," he noted. He reminded the public that GamCare’s National Gambling Helpline offers free, confidential support every day of the year, including via live chat and WhatsApp for privacy.
This proactive step by Nationwide, combining immediate account tools with long-term industry partnership, sets a new benchmark for consumer protection in the UK banking sector against gambling-related financial harm.
