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If you have any questions or would like more information regarding the data-sharing scheme, please contact our Commercial Solicitors, who would be happy to assist.
For the period between April 2022 and March 2023, it was estimated that over £3 billion was spent on gambling, demonstrating the sheer size of the industry within the UK and also highlighting the potential problems with irresponsible gambling practices.
Stephen Almond, the executive director of regulatory risk at the Information Commissioner’s Office (ICO), stated:
“problem gambling has devastating consequences for people’s finances, relationships and health. We are keen to see the financial sector share data to protect people from unaffordable losses and spiralling debt”
To combat this, the ICO recently approved proposals for the sharing of financial data with gambling operators for the purpose of carrying out financial risk checks, with the ultimate aim of protecting gamblers from unaffordable losses.
However, the transfer and sharing of personal financial data needed to be considered to establish whether transferring and sharing data for such purposes would be compliant with current UK data protection law.
In a letter to UK Finance (the industry body for financial services within the UK), the ICO confirmed that:
Under the proposed safeguards developed by the ICO and the Gambling Commission, gambling operators:
The ICO also confirmed that it supports plans for gambling companies to share information about customers identified as ‘high risk’ who are gambling across multiple sites.
The data-sharing scheme will likely affect all those operating within the UK gambling sector, particularly gambling operators, credit reference agencies and banks and lenders.
In its letter to UK Finance, the ICO has stated that it expects:
The Commercial Team at Myerson can help to protect your business by assisting with the following:
If you have any questions or would like more information regarding the data-sharing scheme, please contact our Commercial Solicitors, who would be happy to assist.