posted 3rd May 2024
Shawbrook Bank is responsible for paying back over 200 million pounds to victims of timeshare mis-selling. Considering that Shawbrook Bank was sold to BC Partners and Pollen Street Capital for 868 million in 2017, this represents a massive loss for them and could dent any potential stock market listing price.
Shawbrook Bank's involvement in the timeshare market took a dark turn when it was revealed that they had financed thousands of illegally sold timeshares. In a clear violation of Financial Conduct Authority legislation, they also provided finance to unregulated credit intermediaries like Anfi Beach Club in Gran Canaria.
Shawbrook Bank is not only obligated to compensate thousands of victims but also faces the burden of paying statutory compensation of 8% per year and writing off millions of pounds of outstanding loans.
In a deplorable attempt to deprive thousands of elderly and vulnerable people of their life savings, Shawbrook Bank attempted to challenge the Financial Ombudsman's decision, a move that was ultimately unsuccessful. Interestingly, Honeycomb Finance, a company also involved in the Azure timeshare scandal in Malta, is a wholly-owned subsidiary of Pollen Capital.
Despite what they might think, Shawbrook Bank is not above the law, and we hope their irresponsible lending decisions and huge financial recompense obligations have taught them a valuable lesson.
If you took out a loan with Shawbrook Bank to buy a timeshare and want your money back, contact us. Our no upfront fee claim policy is the safest way to get back what is rightfully yours.
