The UK Gambling Commission has confirmed that financial vulnerability checks will come into force in August this year.
Two stages will come into effect from the 30th, determining light-touch financial vulnerability for customers making deposits of certain amounts.
Those topping up their accounts of more than £500 will be the first stage. This will then be reduced to those depositing £150 per month from February 2025.
UK Gambling Commission Financial Vulnerability Checks
The UK Gambling Commission has stated that they will only use publicly available data. Operators will not consider an individual’s personal details such as their job title when carrying out checks.
Andrew Rhodes, who is the Gambling Commission CEO said: “We have to get the balance right between protecting people from the potentially life-ruining effects of gambling-related harm and respecting the freedom of adults to engage in an activity that the vast majority do so without experiencing harm.”
At the same time, the Betting and Gaming Council has introduced a new voluntary Industry Code on Customer Checks. This will aim to reduce the need for requests for private financial documents.
Over a period of six months, a pilot of enhanced frictionless financial risk assessments will take place as well. This will see the Gambling Commission work with various credit reference firms and operators to assess potential customer impact.
Following the pilot, the UK Gambling Commission will determine whether permanent rules will come into force. Furthermore, land-based licensees will have to adopt procedures that will require staff to check the age of any customer who appears to be under 25 (formerly 21).
From January 17 next year, the UK Gambling Commission will tighten rules around online gambling marketing. Namely TV ads, emails and social media advertisements and posts.
Operators must provide customers with options to opt-in to the product type they are interested in receiving. And also, the channels in which they wish to receive them.
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