Fintech developer Smarter Contracts is partnering with the Vulnerability Registration Service (VRS) to pilot a national “Vulnerability Passport,” a new Smart Data initiative designed to eliminate the need for vulnerable individuals to repeatedly prove their status across essential services. The partnership aims to remove significant friction for millions of customers across banking, energy, telecoms, and other sectors as the UK expands its Smart Data ecosystem.
The solution, powered by Smarter Contracts’ patented Pulse Permissions Protocol®, allows an individual to verify their circumstances once with the VRS and then seamlessly share that verification across multiple organisations. This portability and user control directly addresses a critical barrier identified by the FCA. The regulator’s review of vulnerable customer treatment found that only 42 per cent of vulnerable customers have disclosed their status, with 37 per cent citing embarrassment over repeated disclosure.
Addressing the “Smart Data Paradox”
Wayne Lloyd, CEO of Smarter Contracts, argued that the rollout of multiple, sector-specific Smart Data schemes is creating a “paradox” where the very initiatives designed for efficiency inadvertently increase the burden on vulnerable people through repeated consent and disclosure.
Lloyd stated that the Vulnerability Passport solves this by providing cross-sector infrastructure that allows verified vulnerability to work everywhere, under user control. He explained that the project aims to prove whether they can finally eliminate repeated re-disclosure and show how frictionless data sharing leads to better customer outcomes.
The system uses the Pulse+ wallet, which allows individuals and their carers to create, manage, and share a portable digital passport from their mobile. Because permissions are embedded, access can be granted or withdrawn, usage is limited to the agreed purposes, and every access is recorded for audit.
Portability meets trust
Helen Lord, CEO of VRS, echoed the customer frustration, saying they repeatedly hear, “Why do I have to keep explaining my situation?”. She highlighted that a person dealing with a serious condition like cancer has to tell their bank, their energy supplier, their phone company, and their council separately, reliving difficult circumstances each time.
Lord explained that while VRS built trust and verification, they had not solved portability until now. Smarter Contracts’ technology means a person registers their vulnerability once, and that verified status can travel with them securely, privately, under their control. For organisations, this is crucial for providing appropriate support from first contact, fulfilling the requirements of Consumer Duty.
The pilot is already underway, with results expected to be presented in Q2 2026. Smarter Contracts and VRS are inviting banks, energy providers, telecom operators, insurers, healthcare providers, and local authorities to participate and help shape the standards that could define how vulnerability is recognised and supported across the UK.
