Vulnerability Registration Service (“VRS”)
Is a platform providing vulnerable consumers with a single reference point for recording their personal circumstances at a given point in time when they are looking to protect themselves against further debt or related financial problems.
Those who work with vulnerable consumers, and those who have them as their customers, have both been searching for a long time for a way in which these
people could be better protected from debt and financial distress. And we know consumers themselves find it difficult to navigate their way through
what they need to do to protect themselves at a time of distress and personal difficulty.
The Vulnerability Registration Service will allow consumers, and those who represent them, to register their personal circumstances and will alert those offering financial products to the need for care when dealing with them. Everyone should benefit.
Jill Stevens Consumer Affairs and Money Advice Expert
An interesting and laudable initiative.
Philip King Chief Executive, Chartered Institute of Credit Management
The Vulnerability Registration Service rightly aims to add a further level of protection for those whose vulnerability affects their ability to properly manage money. I believe it should be given the chance to succeed and that of course means co-operation at all levels; registration and searching both in lending and collections. As with all genuine efforts to improve the lot of those less able to help themselves, it deserves careful examination from all players in the personal debt arena- advisers, creditors and debt collection companies.