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info@asagfirst.com.au

Protecting those that are Vulnerable

Part of our process is to establishment awareness of possible vulnerabilities in our customers and make the appropriate actions to support those that need it.

Vulnerable Customers

A.S.A.G. is dedicated in helping an increasing number of Australian seniors achieve financial peace of mind in retirement. We pride ourselves on our commitment to assist you in accessing equity in your biggest asset. A.S.A.G. aims to help you live a life of confidence and comfort, the life you have earned in retirement.

In providing our customers with financial tools, we have built our process to emphasize a great deal of importance in its responsibilities. Part of this is to establish awareness of possible vulnerability in our customers and make the appropriate action and support to lend responsibly. Our team is trained to handle with such situations by identifying key indicators through the process.

More Information on Identifying Vulnerable Customers

A.S.A.G. acknowledges that vulnerability is very personal to our customers and identifying and defining it comes with complexity. However, our process is designed with the customers best interest at heart.
We understand that vulnerabilities may be either short or long term and that any one person can be vulnerable at some point in their life. As such, alongside responsible lending, A.S.A.G. has taken additional steps to ensure we are guaranteeing that the loan and its purpose suits and benefits the customer.

Our solutions have protections built from the application process all the way to the product itself.
You can view our product safeguards by visiting the A.S.A.G. Safeguards link here to see an outline of these protections.

Vulnerable customers cannot just be concentrated or categorised in a group, which is why A.S.A.G. handles each customer on an individual basis.
Vulnerabilities are often non-specific and may relate to a set of factors that A.S.A.G. has processes to identify. We do this using the framework of I-C-U (Information, Communication, Understanding).

Information
Our application form is designed to collect all information from the applicant to ensure that we know exactly who we are talking to but also to provide as much information around A.S.A.G. and out products as possible in a variety of methods to ensure our messages are delivered.

Communication
As a non-negotiable A.S.A.G. will at all times require direct communication to the applicant. As we know quite well the demographic that requires A.S.A.G. services may also require support in the application process, it is still a requirement that we deal at times directly with the applicant ourselves.

Understanding
We will take the required steps to ensure a complete understanding of the information supplied around the product. But A.S.A.G. also takes further steps in requiring all applicants to seek professional advice regarding the product before finalisation.

Possible signs of vulnerability range from social, physical, and financial flags. Throughout the application process A.S.A.G. will identify these signs if prevalent and take action as required if identified.

Vulnerable customers dealing with A.S.A.G. may face extra challenges which can make them even more prone to harm. A.S.A.G. takes all of the steps required within the application process to ensure that we understand the purpose for requiring finance as well as performing a bank account check to assess where the funds are required and past financial records. Red flags that we take seriously include gambling transactions, requests for funds to be deposited to other nominated accounts, fraudulent activities, or excessive debt.
In situations where vulnerability is identified, we will handle it accordingly and make sure the customer is not being taken advantage of.

A.S.A.G. assists customers in an accessible way in which they are most comfortable. Communications can be done by phone, email, webchat, and in person.
In case of a language barrier during the application process, an appropriate assistance will be offered from our network of mortgage brokers.

As part of the application process, all A.S.A.G. customers must themselves seek independent legal and financial advice for assurance that they understand the agreement they are making as well as to further your understanding of your rights and obligations around an A.S.A.G. Equity Release, as well as what impacts this may have on your pension entitlements or other benefits.
It also serves as a precautionary measure in detecting and preventing elder abuse.

A.S.A.G. will only allow applications signed by a customer agent, Guardian and Administrator, or Power of Attorney given that:
? It’s for financial matters;
? The customer is not able to sign for themselves;
? The beneficiary of the funds is a nominated borrower; and
? The request has not been called back.
A.S.A.G. requires the solicitor to sign a letter of intent to confirm that an independent legal advice is involved. The same is required for financial advice.

A.S.A.G. requires the A.S.A.G. Annual Questionnaire to be complete on the anniversary of any loan account active under the obligations of the loan. By doing so, this confirms an overall financial wellbeing check by way of asking, the residents of the home, property maintenance, and payments of insurance and rates.

Authorised recipients of loan proceeds are for the customers bank account as verified during the application process. Outside of this, A.S.A.G. will authorise a solicitors trust account or an account nominated for payout of existing debt. Both of which will need signed documentation to verify the account.

Throughout the application, if our team has any reason to believe that information is being withheld or there are signs of reluctance to provide information, we will take reasonable steps to identify any sign of potential vulnerability.


This process takes place by conducting a private discussion directly with the customer.

If A.S.A.G. identifies that the customer is in a position of potential vulnerability, there is a two-step approach for the A.S.A.G. action plan. Privacy policies will be enforced, and no information will be released to any parties unless A.S.A.G. has permission from the customer.


Step 1 – Private Discussion
A private discussion is conducted with the customer only and handled by an A.S.A.G. team member. All points from the discussion regarding concerns are documented. Any ‘key indicators’ are noted regarding any third-party involvement.


Step 2 – Escalation
Proceeding Step 1, confirmed abuse cases will be escalated to senior management. At this point A.S.A.G. will:


– Delay any release of funds;
– Cease any approvals on the loan;
– Report any incidents to the authorities and request a visit from a police welfare if the customer cannot be contacted;
– Notify protection agencies such as Public Advocates i f there has been an abuse of Guardianship and Administration, or Power of Attorney;
– Request assistance from other family members or emergency contacts on file;
– Request a medical certificate confirming the capacity of the customer.


If a case of potential vulnerability is identified, a ‘care flag’ will be noted on our system to make sure the right approach will be taken.

A.S.A.G. will always perform due diligence in taking actions which involve a vulnerable customer. Enquiries are vital to assess the customer’s situation. They may or may not be vulnerable, depending on their objectives and requirements.

As part of the process we will advise customers of free support services to seek additional assistance.


Financial Abuse – Elder Assist
1800 ELDERHelp (1800 353 374).

Memory Loss – Dementia Australia
1800 100 500

Financial Difficulty – National Debt Helpline
1800 007 007

Crisis Support – Lifeline
13 11 14

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