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Barclays Says Consumers Can t Team Up In Timeshare Cases
Law360, London (February 10, 2021, 5:14 PM GMT) The consumer credit arm of Barclays has said that almost 200 consumers complaining about allegedly missold timeshare loans cannot bring a group action at the High Court, because the bank has to consider the facts in each complaint.
Clydesdale Financial Services, which trades as Barclays Partner Finance, said in a Feb. 4 defense filing that it cannot assess the 198 individual complaints without specific factual evidence, including documentation and witnesses.
The Barclays subsidiary, which was the banking partner for timeshare operators Azure Resorts and Resort Properties, said that claims by holidaymakers that it misrepresented the investments cannot be grouped under one.
Barclays fined £26m over treatment of credit customers in arrears
By Leah Milner 15
th December 2020 11:11 am
The FCA has handed Barclays and its subsidiary, Clydesdale Financial Services, a £26m fine for failings in its treatment of customers with various types of credit product who fell into payment difficulties.
The regulator found that between April 2014 and December 2018 some retail and small business customers who had consumer credit products with the bank were treated poorly when they fell into arrears.
During this time the bank offered various forms of unsecured lending including personal loans, car finance as well as overdraft facilities on current accounts and business accounts.
The City watchdog has fined Barclays £26m for historic poor treatment of customers who suffered financial hardship after being offered credit.
The Financial Conduct Authority (FCA) pointed to failed customer contact policies between 2014 and 2018 at Barclays Bank UK Plc and its Clydesdale Financial Services arm.
It said Barclays had pro-actively handed redress to more than 1.5 million individual and business customers to date, paying over £273m in total since 2017. Image: Barclays believes that all customers affected have been contacted
The FCA found the company failed to act with due skill, care and diligence when customers fell into arrears and lacked understanding over the financial and other circumstances leading it to offer unaffordable, or unsustainable, forbearance solutions.