A leading bank has taken the decision to introduce its own ban on any customers using credit cards for gambling, following recent changes to the UK regulations.
HSBC, which is one of the largest retail banks in the UK, has brought in a new blanket ban on all customers using HSBC credit cards for gambling transactions.
On April 14, new rules, introduced by the UK Gambling Commission, made it illegal for any UK gambling licence holder to accept bets via credit cards. The rule was introduced after a consultation period in 2019 and widespread concern about the impact of credit card gambling. But this move by HSBC goes further. HSBC customers will now be unable to use credit cards for spread betting transactions or with overseas gambling websites.
In announcing the measure, HSBC said that all credit card transactions that they have reason to believe are for gambling purposes, will be declined. The bank have also said that they will be offering support and help for those with gambling related problems. This follows the example of other UK banks that have introduced a range of facilities to help gambling customers, including the ability to block all gambling site transactions on their bank accounts.
The measure also comes at a time when the gambling sector is under pressure from politicians. Leading MPs have demanded that betting take action to help protect vulnerable people who might be tempted to gamble during the ongoing lockdown.
Carolyn Harris MP, who chairs the All-Party Parliamentary Group (APPG) on Gambling Related Harm, along with the Group’s Vice Chair Iain Duncan Smith, have both called on the gambling industry to put the wellbeing of vulnerable customers ahead of profits. MPs has also called for a ban on promotional advertising, along with strict deposit limits and a £2 cap on online bets.