Vulnerability is at the heart of everything we do, which is why I was more than happy to be asked to take part in the final session of day at the Later Life Lending Summit, ‘From barriers to business as usual: Embedding vulnerability and Consumer Duty in later life lending’.
When clients approach later life lending, they may deal with only a financial advisor and a solicitor, but behind the scenes are the surveyors, lenders, the funders, and the lender’s solicitors, all of whom work tirelessly to ensure, insofar as possible, clients are protected and cared for throughout their journey, whether that be a smooth seamless journey taking only a few weeks, or a more complicated and time consuming journey.
At every step of the process, no matter which area of specialisation, we are all looking to address potential vulnerabilities and it is important that we all communicate with each other to ensure that we are acting in the best interest of the client on every occasion, without exception.
Specialist solicitors who act on behalf of the borrowers in this sector are familiar with the different kinds of vulnerabilities our clients face on a day to day basis, whether that be in the form of a physical or mental disability, or maybe as a result of duress or undue influence. The list is endless and not always evident on first appearance. Some clients may not believe they are vulnerable, others may be aware of their vulnerabilities and try to hide them. It is the role of the borrowers solicitor to try to ascertain whether these vulnerabilities exist and there is never a ‘one rule fits all’ scenario.
I cannot express how important it is that the specialist solicitor builds up a relationship of trust with their client. Communication throughout the industry is essential if we are to build and strengthen the growth of the sector but also, the communication between solicitor and client is key. Only then, can we have a fighting chance of identifying and dealing with vulnerabilities as and when they occur. Every advice is tailored to the specifics of the offer but that advice should, without exception, be delivered in a face to face meeting between solicitor and client, and how that advice is communicated to the client should also be tailored to ensure the client not only understands it, but feels comfortable enough to ask questions of the solicitor. Specialist solicitors also understand the need to take a transaction at the client’s own pace and not to rush transactions through with a faceless process and minimal communication.
In addition, the lender’s separate legal representation provides an added layer of protection for the client, ensuring a clear two-tier process for every legal application and safeguarding against potential conflicts of interest.
