Case note: is there a duty not to provide credit to gamblers?

By David Jacobson In Case 470792 FOS decided that a financial services provider (FSP) was not obliged to review or monitor what a credit card was being used for when approving credit limit increases. The FSP also had no obligation to prevent the customer from using the credit card for gambling purposes.
FOS’s determination of Case 470792 relied on the NSW Court of Appeal decision of Reynolds v Katoomba RSL All Services Club Limited [2001] NSWCA 234 that the law should not recognise a duty of care to protect persons from economic loss, where the loss only occurs following a deliberate and voluntary act …read more

Source:: Bright Law

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