The Vulnerability Registration Service (VRS) is the UK’s first central register for helping vulnerable consumers protect themselves against further debt or financial stress. Its dedicated consumer portal is now open and can be used by organisations to share information about the circumstances of vulnerable consumers to help to avoid them having to go through the distressing experience of repeating their personal story.
The VRS provides a platform with a single point of reference as a tool to complement organisations own vulnerability responsibilities and further protect the consumers they serve. Importantly the VRS does not replace an organisation’s responsibilities for identifying and counselling vulnerable consumers, but provides a ‘decision agnostic’ platform for consumers and the organisations they deal with as an additional safeguard for consumers during their period of vulnerability.
We are aware of concerns about the usefulness of the tool and are encouraging the money advice sector to test its appropriateness for their organisations.