Vulnerability Registration Service

VRS goes from strength to strength

It’s been a busy few months here at the VRS. In September we held a successful public launch event; published new polling research; and we have been taking part in conversation with key stakeholders about vulnerability in gambling. On top of all that, we are pleased to announce a key new partnership for the VRS with Synectics Solutions, one of the UK’s largest data management and software development companies.
Industry support at the public launch of VRS
Our public launch at the Royal Society
Last month the VRS was formally unveiled at a well-attended event held at the Royal Society in central London, with the audience comprising of senior decision-makers from financial services, utilities, the third sector, and other relevant bodies.
Award-winning independent financial journalist and presenter of BBC Radio 4’s Money Box, Paul Lewis, provided an insightful, thought-provoking and supportive keynote speech, along with speeches from 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.
The public launch was received well by attendees and industry fellows who recognise the value that the initiative can bring to users and businesses. There was some positive media coverage of the event, including in the Daily Mail and Insurance  Age.
ComRes: Vulnerability Survey
The VRS commissioned ComRes to conduct a survey in September into the public view on issues relating to vulnerability, and whether business is taking appropriate action to support vulnerable customers. The results clearly show the public desire for more action to be taken. 
The survey found that two in five GB adults have experienced a life event that left them feeling vulnerable, either financially or socially.
  • 54% of the public think businesses definitely or probably should be required to identify whether a prospective customer is vulnerable.
  • 50% of the public believes that businesses should have more regulatory requirements on them to identify vulnerable consumers.
  • Only 15% of the public agree that businesses 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 58% and 57% respectively mentioning them.
See the full report here
Synectics Solutions Partnership
Synectics Solutions and the VRS have recently announced a partnership, whereby Synectics will be using the register to allow their clients to conduct vulnerability searches. This will mean that  the reach of the VRS extends to a far larger range of organisations, from the best known banks through to the biggest insurance companies.

It is a sign of the speed that the VRS is gaining recognition from the largest corporates in the data management space.

Find out more
Action on Gambling
At the VRS we want to enable people to take back control of problem gambling should they wish too, through the self-regulatory system that we have in place. We also want to support the gambling industry to act in a socially responsible way. In our recent ComRes survey, gambling was the second most named industry by the public in terms of sectors that need to do more to identify vulnerable customers. We have been having a number of conversations across the industry about how this can best be achieved. Read more here.
Learn more
As a new initiative, we value your support. If you know of any organisation that may benefit from using the VRS service please feel free to forward on our VRS E-Newsletter.

For more information regarding the VRS please contact our VRS Directors:

Bruce Turnbull
Phone: 01273 960 617
– or –
Tony Leach
Mob: 07885675045

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