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Shawbrook Bank Limited

Financial Ombudsman decision DRN-5575650 Upheld

The Ombudsman does not print a decision date. The date above is the deadline the consumer was given to accept or reject the decision, which is set about a month after it was issued. It is reliable to the year, not to the month.

What this decision was about

Irresponsible lending, Product mis-sold

In the Ombudsman’s words

Mr and Mrs M complain that Shawbrook Bank Limited (the ‘Lender’) acted unfairly and unreasonably by (1) being party to an unfair credit relationship with them under Section 140A of the Consumer Credit Act 1974 (as amended) (the ‘CCA’)Irresponsible lending

I noted that while there was nothing wrong with a timeshare product including an investment aspect or feature (as Fractional Club membership did in the form of the right to the share of the sale proceeds of the Allocated Property) it would have been a breach of Regulation 14(3) of the Timeshare Regulations for the Supplier to have marketed or sold the Fractional Club membership to Mr and Mrs M as an investment.Product mis-sold

Rules cited

Consumer Credit Act 1974, FCA DISP (Dispute Resolution)

Source

This page summarises the Ombudsman’s published final decision. The document itself is the record: DRN-5575650.pdf on financial-ombudsman.org.uk.

The outcome shown is the Ombudsman’s own published classification, not our reading of the text. Nothing here is legal advice, and a decision concerns only the complaint it was made about.