If a reference is completed with a status of 'proceed cautiously', this means that the tenant has passed overall, but that there is something you may wish to seek clarification on before proceeding. For example, it may be the case that a referee has provided us with a slightly different response than expected.
You will be able to see the exact reason why we have advised you to proceed cautiously on the referencing report, and would advise you to follow up with the applicant directly to clear up any concerns that you may have.
Be aware that referencing is ultimately for your benefit, and that you are always able to decide whether you would like to proceed with the applicant, regardless of their referencing result.