The Analysis News & Opinions
A secure point of reference for vulnerable consumers and organisations they deal with
The VRS was formally unveiled as the UK’s first central register for vulnerable people on Wednesday 11 September at an extremely well attended event in central London, at the Royal Society. The event was attended by senior
decision-makers from a broad range of industries, including, but not exhaustive of: banks, building societies, debt-advice charities, debt purchasers, enforcement agencies, gambling companies,
local
councils, payday lenders, regulators, and utilities providers, to name a few. Attendees heard insightful and thought-
provoking speeches from broadcaster Paul Lewis; the CEO of the Consumer Credit Trade Association, Greg Stevens; director of the Debt Managers Standards Association, Kevin Still; and director of Christians Against Poverty, Dawn Stobart, following an introduction from Tony Leach, director of the VRS. The VRS believes passionately that
vulnerable consumers have the right to be treated with care and respect in interactions with businesses and other organisations,
October 2019
particularly when their personal circumstances leave them more prone to financial harm. There was a hugely encouraging response
from industry members at the event, who can see the benefits this initiative will bring by helping them treat their customers fairly and compassionately throughout the relationship. At the launch, the VRS published new
survey data, commissioned from ComRes (fieldwork: 4 to 6 September 2019; sample: 2,009 British adults), that clearly demonstrates the need for the kind of support the VRS tool provides, and the public desire for more significant action to be taken by businesses. The survey found that two in five British
adults have experienced a life event that left them feeling vulnerable, either financially or socially. It showed that: l 54% of the public think businesses should ‘definitely’ or ‘probably’ be required to
identify whether a prospective customer is vulnerable so that they can be better protected against harm. l 50% of the public believe that businesses should have more regulatory requirements upon them to identify vulnerable consumers. l Only 15% of the public agree that businesses currently do enough to protect their vulnerable customers. Payday lenders and gambling companies
were particularly identified as business types that should do more to identify vulnerable customers – with, respectively, 58% and 57% of respondents mentioning them. The VRS gives organisations dealing
with vulnerable people a tool to help them meet their regulatory and ethical obligations in dealing with vulnerable consumers, and to make the best possible decisions while doing so.
If you would like to register, or learn more about the ways in which your organisation can use the VRS, you can get in touch through:
www.vulnerabilityregistrationservice.co.uk/contact-us/ www.CCRMagazine.com 9
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