Vulnerability Policy

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Estate Agency is an unregulated industry. However that does not mean that we cannot self regulate.  At Turners Oak we feel this is especially important due to our client demographic and the raised likelihood that we may be working with vulnerable clients.

We have worked with Independent Financial Advisors and members of the Society of Later Living Advisors (SOLLA) to adapt the Codes of Conduct from the Financial Conduct Authority to create this vulnerability policy.

In addition to this policy all members of the Turners Oak team undertake the Consumer Vulnerability in Later Life training developed by the Society of Later Living Advisors (SOLLA) in collaboration with Just.

Definition of Vulnerability

The Financial Conduct Authority (FCA) has developed the following definition to guide work in this area: 

“A vulnerable consumer to be someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.”

Vulnerability occurs in a variety of ways which may be permanent, temporary, or even sporadic, dependent on its nature.  In many circumstances the individual may not recognise themselves as ‘vulnerable’.

We recognise that vulnerability may not be simply due to the situation of the consumer but caused or aggravated by the actions or processes of the firms they may deal with.

We recognise that clients who might be considered as being in vulnerable circumstances could include clients with:

- mental capacity deficiencies (including language or communication), including  mental illness and dementia;

- stress or subject to financial shock of all types, such as employment concerns, bereavement (or potential bereavement), marital or relationship difficulties;

- a physical impairment that may not allow them to engage with automated, or other standard process requirements (such as photographic ID, phone key pad recognition, or internet applications); 

- severe and long-term illness (both life-limiting and where recovery is expected);

little or no financial experience or have no access to mainstream financial services;

low income;

- an existing distressed financial situation;

- responsibilities for others, such as ‘carers’ or acting as power of attorney;

- no access to the internet or other digital media;

- poor language skills.

- a general vulnerability due to being aged 75 and over or aged 18 years and under 

As an organisation we must remain mindful of the potential for enquiry by these clients and the potential for any change of circumstance in respect of existing clients.

Identification of clients in vulnerable circumstances

Vulnerability is broad and may occur at any time.  It will usually involve the interplay of characteristics of the individual, their circumstances, and static or transitory status.

We only deal with customers in vulnerable circumstances where we are aware of their needs:

- mental capacity deficiencies – the FCA provides clear guidance on the identification of mental capacity limitation issues in their Handbook. 

- stress  or financial shock – may be identifiable (facial expression, posture or stance etc.), but otherwise may be revealed through conversation before and during our initial conversations

- physical impairment – may be identified visually, or through our initial conversations

- severe and long-term illness – may be identifiable through initial conversation 

- financial inexperience – may be identified through initial conversation

- low income – may be identified through initial conversation

- in financial distress – may be identified through initial conversation

- carers – may be identified through initial conversation

- digital exclusion – identifiable through initial conversation or via routes of engagement (or non-engagement) with the organisation

- poor language skills – may be audible or identifiable via routes of engagement with the organisation

- clients aged 75 and over should be offered the opportunity to have a relative or friend accompany the client to a meeting

The nature of the need area to be addressed may also indicate vulnerability.  For example, people wanting to:

Move home to release equity

Move home to provide financial support to others

Move home to facilitate long term care

Move home to make life more manageable

We also recognise that many clients may be supported by family members. Whilst this is generally a good thing, it may also be a sign of vulnerability. When contacted by relatives of clients we will speak to the client directly and alone as part of our initial conversations and before moving forwards with any formal instructions.  We will seek their permission to involve their family member in conversations and updates but will only take formal instructions from our client unless there are appropriate authorities to act in place.

These could be some indicators of vulnerability but this is not designed as an exhaustive list. In the circumstances that apply to the organisation we will apply additional safeguards, as appropriate, to ensure fair treatment. This will apply to each individual but where we identify groups of the same people we may establish a process aligned to the needs and circumstances of that group.

Assessment and management of risk

Just because somebody is vulnerable does not automatically mean that they are unsuitable for the service of the organisation. As soon we think we may be engaging with a vulnerable

consumer we will make a record of this and ensure we adhere to this policy. 

When speaking to the vulnerable consumer we will:

- Provide additional opportunities for the customer to ask questions about the information we have provided.

- Continuously seek confirmation that they have understood the information that has been provided. 

- Ask if there is anybody with them who is able to assist them, and offer them the opportunity to have a family member or friend present during the conversation

We will not discriminate against clients in vulnerable circumstances. 

Where we feel we do not have the expertise to deal with the client due to their personal situation we will make every attempt to refer them to another organisation or third party for the appropriate level of support to be provided. 

If you are worried about an older person or are feeling vulnerable yourself you can contact Hourglass here or their helpline on: 0808 808 8141