Bridging Finance 4U has clear procedures for identifying and supporting customers who may be vulnerable. Protecting vulnerable customers is a priority for us, and we want them to experience outcomes as good as those for anyone else.
About this policy. Bridging Finance 4U Ltd arranges non-regulated bridging finance only and does not hold permissions from the Financial Conduct Authority. The FCA’s guidance on the fair treatment of vulnerable customers does not apply to us as a matter of law. We have chosen to adopt its standards voluntarily because we think they are the right way to treat people.
What we mean by vulnerability
The FCA defines a vulnerable consumer as:
Vulnerability is not a fixed characteristic. Anyone can become vulnerable at any point, often temporarily and often through circumstances entirely outside their control. Where factors limit a person’s ability or willingness to make reasonable decisions, the level of care that is appropriate will be different.
The four drivers of vulnerability
We recognise four key drivers that may increase the risk of vulnerability. These often overlap and can compound one another.
| Health | Life events | Resilience | Capability |
|---|---|---|---|
| Physical disability | Retirement | Inadequate or erratic income | Low knowledge or confidence in managing finances |
| Short or long-term illness | Bereavement | Over-indebtedness | Poor literacy or numeracy skills |
| Hearing or visual impairment | Income shock | Low savings | English as an additional language |
| Mental health condition | Relationship breakdown | Low emotional resilience | Limited digital skills |
| Addiction | Domestic abuse, including economic control | Learning difficulties | |
| Low mental capacity | Caring responsibilities | Little or no access to help and support |
How we identify vulnerability
We talk to everyone carefully and assess their circumstances and requirements as part of our fact find. Vulnerability may be apparent from the outset, may emerge during a conversation, or may be something a person tells us about directly.
Where there is an ongoing relationship, we reassess at each point where a significant decision is being made. Circumstances change, and someone who was not vulnerable when we first spoke may become so.
We record any specific requirements or requests so that we can continue to meet them in any future contact, and we keep that information under review.
How we respond
- Additional time. We give vulnerable customers more time to consider their options and we will never pressure anyone into a decision.
- Accompanied conversations. We are happy to accommodate a family member, friend or trusted representative joining any discussion, and we will suggest it where we think it would help.
- Adjusted communication. We will change how we communicate to suit the person — by post rather than email, by phone rather than in writing, in larger print, or however else is needed.
- Independent advice. Where a decision is significant we will encourage the person to discuss it with someone they trust, or to take independent legal or financial advice before proceeding.
- Stopping where necessary. We will not proceed where we believe a person is vulnerable and does not have the support they need to understand what they are entering into.
Equality
In treating customers fairly we are also mindful of our obligations under the Equality Act 2010, and we will make reasonable adjustments where they are needed.
Staying scam aware
We encourage everyone to stay alert to financial scams. Friends Against Scams, a National Trading Standards initiative, publishes a great deal of useful information on recognising and avoiding them.
Telling us about your circumstances
If there is anything about your circumstances that affects how you would like us to work with you, please tell us. Nothing you share will affect whether we are willing to help, and it will only be used to make sure we support you properly.
You can reach us on 020 3328 0745 or at enquiry@bridgingfinance4u.co.uk.
If you are unhappy with how we have treated you, our complaints procedure sets out how to raise it with us.
About us
Bridging Finance 4U Ltd is registered in England and Wales, company number 15831978. Registered office: 525E Hertford Road, Enfield, EN3 5UA. Bridging Finance 4U arranges non-regulated bridging finance only and is not authorised or regulated by the Financial Conduct Authority.