The Gambling Commission has released new guidelines to help mitigate the risk of unaffordable lending!
India’s leading non-profit organization for the digital sector, GamCare released its list of industry recommendations to combat unaffordable lending. The company conducted an insight workshop in order to produce this comprehensive report on how companies can better serve their clients who are struggling financially due do high interest rates charged by traditional lenders or lack thereof altogether.
The charity has called on businesses to implement programs that will help them deal with gambling-related harm. The organization says this can be done by improving staff awareness and giving workers more training, so they are better equipped for identifying people who may have problems as well providing those individuals access free tools or services aimed at protecting consumers experiencing difficulty in playing games responsibly.
Second, we need to improve affordability assessments by applying a harm-based approach. This will define meaningful indicators and interventions in working with charities that have lived experience of harmful gambling; especially those who are most vulnerable such as young people or members from black communities.
The input was about improving Second Avenue’s current services while also identifying new opportunities for positive change through the “gambling lens.” The output only briefly summarized these ideas but instead focused on how this would help marginalized groups within society like youth experiencing poverty (or blacks).
GamCare recommends reducing the friction in your business as much possible to support gamblers who want help stopping; such like not automating credit increases for at-risk customers.
“Gambling can quickly become an addiction,” says Colin Walsh, GamCare’s Lived Experience Manager. “I know from my personal experiences and now see first-hand through our lived experience community how it affects people.”
In a world where access to credit is always available, people are borrowing money more and more often. The ease of getting this type loans has led many individuals into gambling sessions that they cannot control or sustain but also feel guilty about afterwords because it isn’t sustainable in long-term for some who may be struggling financially
“The Financial Ombudsman Service has a duty to helping those who are financially struggling, and it’s important they understand the harm gambling can cause. The ombudsmen look at cases involving harmful gaming with often find that vulnerable customers were central in making their complaint.”
The firm must also take care to make sure that they are treating their customers fairly. This can be done by putting in place appropriate support where it is aware (or should have been) of a consumer’s vulnerability and needs.
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