What is the vulnerable persons register?
The Vulnerability Registration Service (‘VRS’) is a not-for-profit organisation that serves as a central, independent register of people facing vulnerabilities that may impact their financial decisions. It’s a service used by both individuals and businesses.
The purpose of the Vulnerability Registration Service is to support ‘at risk’ individuals or those with financial difficulties, providing them with a centralised way to communicate their circumstances to organisations. This prevents them from having to repeat the same information time and again when they’re dealing with creditors and institutions.
What is the Vulnerability Registration Service and who does it support?
The VRS is a platform for individuals experiencing financial challenges or have vulnerabilities that may impact their financial decision-making. This includes people experiencing, but not limited to:
- Mental health issues: anxiety, depression or addiction
- Physical disabilities: disability, chronic illness or temporary injuries
- Age-related challenges: dementia or cognitive decline
- Social difficulties: domestic abuse, homelessness or bereavement
- Low income or financial instability: debt, unemployment or poverty
The Vulnerability Registration Service - also known as VRS or vulnerable persons register - is available to businesses by providing a searchable centralised database of individuals who have registered as vulnerable in the UK. This helps businesses when making lending decisions or helps them to identify and make adjustments for those who are facing financial hardship. By using the service, financial service providers may subsequently adjust service offerings, financial products or agreements to treat their customers more fairly.
How does the Vulnerability Registration Service help?
The Vulnerability Registration Service is a secure online platform where users can register their current financial situation. This helps users to:
- Avoid repetitive explanations: Instead of repeating their circumstances to every service provider, users can simply share their VRS reference number
- Get tailored support: Companies can use VRS records to adjust their communication and debt collection practices, ensuring fairer treatment for those in financial hardship
- Access specialist resources: The VRS can connect users with relevant charities, debt advice agencies, and support groups tailored to their specific needs
- Become more empowered: Enabling users to take control of their finances and regain a sense of security by managing their vulnerability in one place
How does the Vulnerability Registration Service work?
The following services, information, support and resources are available through the Vulnerability Registration Service, either through them directly or via their signposting to another organisation:
- Registration and Support: Users sign up and register their status securely. They can access guidance and resources on managing their vulnerability
- Debt Support: They can connect with accredited debt advisors who can help create a manageable repayment plan and negotiate with creditors
- Benefits Advice: Users can access help to claim and maximise their entitlements to benefits and grants
- Mental Health Support: Users can access resources and charities specialising in mental health issues that may be impacting their finances are signposted through VRS
- Safeguarding and Advocacy: If users are vulnerable to exploitation or abuse, the VRS can connect them with safeguarding services and legal assistance
The following are some of the actions that users can take when accessing the service:
Pre-Declined Applications: Individuals can choose to be pre-declined for financial service applications, streamlining the process and avoiding potential rejections or preventing them from taking out more credit with proactive decision-making
Referral Flag: Alternatively, users can add a 'referral flag' to their names, alerting organisations to their circumstances.
Representation for Vulnerable Persons: In cases where the vulnerable are unable to register themselves, such as with dementia, the Vulnerability Registration Service accepts registrations from those with a legal mandate on their behalf, such as Financial Power of Attorney (‘FPOA’)
Data Confidentiality: The details shared with the Vulnerability Registration Service are on the register for three months. After this time, users can request the removal of their information if they believe their circumstances have improved. Once removed, no organisation can access or view the user previously registered with the VRS.
How do people register for the Vulnerability Registration Service?
Registering on the Vulnerability Registration Service is an easy process designed to minimise challenges and encourage participation:
Users can visit the VRS website and create an account. Users are required to verify their contact information, provide profile information and ID.
After successful VRS registration, users gain access to their personalised dashboard, where they can report vulnerabilities and access support resources for their financial situation.
What other help is available?
The Vulnerability Registration Service is an easy reporting platform; it offers additional resources and support to enhance financial wellbeing:
Educational Resources: VRS provides educational resources, including articles, tutorials and best practices for understanding and addressing the challenges faced by vulnerable individuals
Expert Guidance: VRS connects service users with experienced financial professionals to support them through their challenges and provide professional guidance.
Financial Assistance: In cases of immediate financial need, VRS can connect individuals with financial service providers committed to fair treatment. It can be a crucial lifeline for those in urgent financial distress.
Benefits Calculator: Over £10 billion in benefits goes unclaimed each year in the UK. The VRS has an easy-to-use benefits calculator where users can anonymously enter information and check whether they’re entitled to any benefits based on their personal circumstances.
How does PayCaptain help employees who are financially vulnerable?
PayCaptain is a cloud based payroll solution that's HMRC recognised. PayCaptain has lots of tools, features and functionality to help employees improve their financial situation and build resilience for the future. Key functionality includes:
- Savings: Payroll savings, SmartPay and interest-bearing savings pots are available in PayCaptain's mobile payroll app
- Pensions: Employees can view their pension investments through our pensions dashboard
- Payments: Payment splitting direct from net pay ensure important payments are never missed
- Payslips: Online payslips mean payroll information is instantly accessible with clear explanation of tax and national insurance calculations
- Plain Numbers: The world's first Plain Numbers-certified payslips help employees with poorer numeracy skills understand their pay and deductions better
- Cash advances: Emergency payments and salary advances can be made from accrued pay (limits apply)
- Expenses and bonus payments: Employees can be repaid quickly for bonuses or repayment of expenses through our flexible payments functionality
- Benefits checker: Our easy to use benefits entitlement checker can help employees understand if financial support is available to them
In summary, the Vulnerability Registration Service is a platform that can be used by those who are financially at risk or individuals whose vulnerabilities may impact or have impacted their financial decision-making. As society grapples with financial challenges such as the cost-of-living-crisis, platforms like the VRS offer a way forward by creating a space where people can register, connect and find the assistance needed for their financial situation.
The Vulnerability Registration Service actively contributes to achieving the Financial Conduct Authority’s (‘FCA’) goal of providing consistent fair treatment for vulnerable consumers.
