posted 23rd January 2024
No official list has been compiled of the Club La Costa and Diamond Resorts Timeshare victims who have not lived to see justice or received compensation, but out of our existing client base, at least 26 victims have passed away.
The Financial Ombudsman Service (FOS) took a total of seven years to make a final decision on the mis-selling of timeshare contracts, which resulted in many elderly and vulnerable victims passing away while waiting for justice. After a successful final decision and High Court ruling nine months ago, the Financial Ombudsman Service (FOS) has yet to make the Banks responsible, pay compensation.
The FOS was set up as part of a statutory scheme ' under which certain disputes may be resolved quickly and with minimum formality by an independent person' (section 225(1) Financial Services and Markets Act 2000 - ' FSMA').
The appalling way in which timeshare owners have been treated by the Financial Ombudsman Service (FOS) for the last ten years is nothing short of a national scandal. The unprecedented delays by the Financial Ombudsman Service (FOS) have resulted in huge consumer detriment, with many of our clients suffering a breakdown of relationships, loss of their family home, bankruptcy, mental health issues, dementia and ultimately, for at least 26 of our clients, death.
Barclays Bank, Shawbrook Bank, and Hitachi lost their attempted challenge against the Ombudsman's final decision on 5th May 2023. This means that all Club La Costa and Diamond Resorts Fractional members that took out a point of sale loan with any of the above Banks should be paid compensation. However, the banks have not complied and continue to disrupt justice with impunity.
On the face of it, it would seem that the Financial Ombudsman Service has lost all control and is at breaking point. Decisions are still being rejected by Shawbrook Bank, despite claims falling under the umbrella of the FOS and High Court final decisions. Evidential delays to justice and compensation payments to desperate victims is rife and clients continue to be suffocated by unaffordable timeshare loans.
The actions of the Financial Ombudsman Service can only lead you to one conclusion, that they are more interested in supportng the Banks , rather than protecting British citizens that were all victims of financial crime.
Barclays Bank, Shawbrook Bank and Hitachi Finance combined owe in excess of 500 million pounds to timeshare victims, of which they haven't paid a penny since the final decision in May 2023. Unless the Financial Ombudsman Service take immediate action, more victims will die while waiting.
Who's to blame? We'll let you judge that for yourselves.
