The Money Advice Trust has welcomed Lloyds, Santander and RBS’ plans to introduce controls for their customers over where they can spend their money, including allowing the blocking of gambling payments.
The announcement follows on from the launch of similar controls by Barclays last month and work from Monzo and Starling in this same area last year.
Jane Tully, director of external affairs at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said ”The fact that a growing number of banks are giving customers greater control over their spending by allowing them to block payments on gambling is a welcome step forward.”
“It is positive to see technology being used to meet the needs of customers, particularly those in vulnerable circumstances and I am pleased to see more banks following the lead set by Monzo, Starling and Barclays in this area.”
“It will be important for banks to review the impact of these controls and how much ‘friction’ is required to ensure they meet their intended purpose. We look forward to continuing to work with the credit industry on supporting customers in vulnerable circumstances.”