Welcome back to the start of another week with AIT, the article planned for today has been put aside as this morning we received the judgment by Judge Timothy Herrington on the case between Barclays Partner Finance, the Financial Conduct Authority and clients brokered loan agreements by Azure Service Limited.
This case surrounds the FCA issuing a “validation” order to BPF to “legalise” making them enforceable. This affected 1,482 loan agreements made by Azure who were not “authorised” by the FCA to broker any credit agreements. In effect this order allowed BPF to now take any enforcement action in the event of any default in payments. This was in May 2017 and began a long process of complaints and appeals.
The case eventually ended up in front of Judge Timothy Herrington at the Upper Tribunal, Tax & Chancery Division of the High Court. It was in June 2018 that the first hearing took place, it was evident that Judge Herrington was, to say the least, dismayed at what had taken place.
His Honour Judge Timothy Herrington
He ordered that the FCA go away and re-examine their decision to issue the “validation” order and to ensure that they take serious account of “client detriment”. He later issued his first judgment in August 2018, two months after the first hearing, a very speedy judgment indeed.
Then began the long campaign by Azure owners to gain support for their cause and to highlight the deficiencies in “consumer protection” when it comes down to any finance. This eventually resulted in BPF agreeing to cancel the agreements and repay all monies, they have also agreed to include all Azure agreements even if they were not part of the original validation order.
They have also made this public and stated that BPF will contact all clients who had loan agreements for Azure timeshare purchases. BPF is also very aware of the “cold call” campaign to “offer” services regarding claims. BPF has stated that no client needs to take up any of these services, BPF will contact each client directly and this should be completed before the end of 2022.
As we all know, the product which was being sold and paid for by loans brokered by the very same sales staff was the “investment” weeks. Purchase to rent and eventually sell for a profit, thereby clearing the loan with money left over. Sounded good but what a con it turned out to be.
In quickly going over his judgment, Judge Herrington does make a very good reference to this point, from his comments he is clearly not impressed. AIT has said all along, that it is the product and the lies surrounding it and then financed by BPF without any of the usual checks which have been fundamental to all complaints. This point also includes Silverpoint sales, the original product sold in Tenerife.
AIT will be going over Judge Herrington’s findings and will bring you a full rundown later in the week, we will also publish the official downloaded PDF file.
We hope you all had a great weekend, Baby Dog had a full weekend of running riot and is now out for the count and yes he snores.