posted 31st July 2024
Consumer detriment under the current Financial Ombudsman Service regime has never been more significant. Inexperienced leaders are more concerned about how they look at the occasional Treasury Select Committee hearing rather than being honest about the actual landscape and the massive financial detriment caused by timeshare companies such as Club La Costa and Banks such as Shawbrook and Novuna. The scrutiny of regulators, including the Financial Ombudsman Service (FOS), under a new Labour government in the UK would likely depend on the party's broader regulatory and financial policy agenda. Historically, Labour governments have emphasized consumer protection, financial accountability, and regulatory oversight.
The video opposite gives an unprecedented account of the failings of the Financial Ombudsman Service (FOS) to protect timeshare owners and their families. Over the last ten years, we have taken on thousands of similar cases, presented them to the Banks, authorities and MPs, and, on the whole, been ignored. Based on our figures, we estimate that the mis-selling of timeshare finance contracts affects around 15,000 British families with a financial liability in the region of 500 million pounds. However, the FOS, seems intent on denying fair and impartial justice to thousands of affected victims.
Despite considerable evidence, two precedent decisions, and a judicial high court ruling in favour of FOS, Abby Thomas and her new executive committee have decided to side with the banks. They are looking for any reason to let the banks off the hook and accuse affected victims of lying. Are these the actions of a fair and impartial service, or are leaders running scared? We're sure that many of the whistle-blowers currently working as FOS would agree with the latter. This video of Abby Thomas is her giving Angela Eagle MP smoke and mirrors answers at the last Treasury Select Committee hearing.
Despite authorities looking the other way and the Financial Ombudsman Service completely failing consumers for the past ten years, we have secured millions of pounds of compensation for our clients. If you took out a loan to buy a timeshare, the seller was likely unregulated by the FCA, making the loan unenforceable and reclaimable. Contact us to check if you qualify for compensation. Our eligibility check service is free, and you only pay us once you have received your compensation.
