Welcome guidance on fair treatment of the vulnerable consumer
The VRS welcomes the recent announcement by the Financial Conduct Authority, of its renewed commitment to help the vulnerable protect themselves from financial harm – on this occasion, with a new consultation on guidelines for firms dealing with vulnerable consumers. The guidance does not so much provide a checklist of…
Destitution, vulnerability and debt: a combination to be wary of
Destitution, vulnerability and debt: a combination to be wary of It may seem obvious that those facing destitution can be deemed vulnerable – but sometimes, when someone goes out and does the research, we actually get a clear look at the troubling reality. And, when we do, it can help…
Energy UK on vulnerable consumers
In 2018, Energy UK launched the Commission for Customers in Vulnerable Circumstances, to explore how customers in vulnerable circumstances could be provided better energy services in the future. The report has now been published, following a year of evidence gathering and engagement with stakeholders, and has identified seven key themes…
Loneliness Awareness Week
VRS applauds the work being done by the Marmalade Trust to promote Loneliness Awareness Week this week, which is intended to increase awareness and reduce the stigma of loneliness. VRS agrees that there needs to be more recognition of loneliness within our society, and more support offered to those in…
CAP publishes ‘Stacked Against’ report
The debt charity Christians Against Poverty (CAP) have recently published a hugely insightful report on vulnerability, ‘Stacked Against’. It looks at the overuse of the term by companies and financial organisations, meaning that too many people are labelled as vulnerable, and those who are truly desperate are getting overlooked. Whilst…
How can we protect the vulnerable from scams and fraud?
As we age, it is a fact that we are more likely to experience circumstances that increase the risk of vulnerability, be it bereavement, cognitive decline or physical difficulty with daily living. As a result it becomes harder for these vulnerable consumers to protect themselves from fraud. Although anyone can…
MPs speak out on financial vulnerability
The VRS welcomes a report published last week by the Treasury Select Committee on their inquiry into consumers’ access to financial services. We were deeply encouraged to see that the Select Committee’s findings align so closely with the aims and motivations of the VRS, with the Select Committee concluding that…
VRS wins Credit Information Provider of the Year award
A quote given out during the awards suggests that "Taken forward well, this initiative can become a standard part of data offerings across the credit bureau" The important work that the VRS is doing to protect and support financially vulnerable consumers was recognised last night when it was a winner in…
Mental Health Awareness Week
The Money and Mental Health Policy Institute published research earlier this year showing that those with mental health problems are three times more likely to be in debt. Debt is often a major factor for those suffering with stress and anxiety and the two issues can feed into each other,…
How much value do you place on Vulnerability within collections strategy
At this time of year lenders will be gearing up to handle increased levels of borrower contact and the smarter lenders will be preparing for proactive contact. In recent years there have been big advances in the ability to use technology and data to develop pre-impairment indicators that can help…
