It was financing timeshares in the late eighties through to the present day. BPF had underwritten millions of pounds of timeshare purchases , before the challenges put before them over the past nine years led to their withdrawal from the market in 2018/19, when some timeshare resorts, such as Club La Costa, went into administration or liquidation.

BPF, along with two other banks, namely Shawbrook Bank and Novuna Personal Finance, failed in their Judicial Review challenge in May 2023 of the Financial Ombudsman Service’s decision that fractional timeshares had been missold..

In 2022, BPF had been forced to concede defeated again, when they withdrew their application to legitimise thousands of finance agreements having used an unregulated credit intermediary. BPF had used an unregulated credit intermediary in financing Azure timeshares in Malta.

The remedy sought by BPF was for the Financial Conduct Authority (the “FCA”) to validate and make the loans enforceable. Approximately 1340 cases were involved in the initial application.

It is estimated that BPF paid back to the consumer in the region of £15,000,000.00.

The above demonstrates the attitude adopted by BPF in granting loans to timeshare owners. In this case, BPF breached the Financial Conduct Authority’s DISP rules in providing these loans using an unregulated credit intermediary. However, the FCA was still willing to allow the loans to be validated, costing timeshare owners millions of pounds in losses.

This was a disgraceful stance adopted by the UK’s largest regulator. 

However, BPF should be commended for remediating consumers, albeit that the settlements were slow. BPF did not frustrate the settlements and ensured all 1340 received the due monies.  See comment above

Unlike other banks embroiled in the recent Fractional Timeshare debacle, they have sought to right the wrongs. However, other banks are doing everything they can to aggravate and delay matters by not abiding by the Judicial Review decision. Shawbrook Bank and Novuna Personal Finance are continuing to reject fractional timeshare claims out of hand, using the FOS as a shield to prolong matters, causing further consumer detriment. Matters awaiting settlement for more than nine years are being rejected, even considering the Judicial Review findings.

In truth, this demonstrates once again that Timeshare has been indiscriminately sold, and it is only a matter of time before it is accepted as such, like the PPI and Pensions scandals. Timeshare owners will be duly compensated.

If you or someone you know has been a victim of Barclay Partner Finance mis-selling financial products and have presented a mis-selling claim to them or the Financial Ombudsman Service and you think you have been mistreated, we want to hear from you.

Please email us with your story in strict confidence at bpf@timeshare-banking-scandal.co.uk

If we can publicise your story, we will contact you.