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The UK Information Commissioner’s Office has backed proposals that the financial sector share data with gambling firms to protect their customers from unaffordable loss.
The ICO confirmed in a letter sent to the industry body UK Finance that data protection laws do not prevent gambling companies from performing financial risk assessments on their customers. They also stated that lenders are allowed to share personal information with people, but only if it is done transparently.
Problem gambling can have devastating effects on people’s finances and relationships, as well as their health. Stephen Almond said that the ICO is keen to see financial institutions share data in order to protect consumers from unaffordable debt and uncontrollable losses.
The ICO and the Gambling Commission have been working together to design privacy safeguards in financial risk checks. The gambling companies will be allowed to use the personal information that they receive only for financial risk checks. Customers will be informed that their financial health could be checked if they suffer significant losses.
The ICO also lent their support to plans that gambling companies share information about high-risk customers who gamble on multiple sites. The ICO gave its opinion to the Betting and Gaming Council in a report on the safeguards that should be taken when sharing personal data among operators.
Stephen Almond said, “Data sharing is a powerful force for good. It allows organisations to protect individuals from gambling-related harm.” Our Regulatory Sandbox has allowed us to work closely with the Betting and Gaming Council to protect gamblers and respect their privacy.
