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David Silva

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Summary of the Royal Courts of Justice Tribunal Ruling by Judge Timothy Herrington.

This case was heard on 19 June 2018 and  revolves around a validation order made by the Financial Conduct Authority (FCA) which validates (makes legal) loan agreements taken out by clients of Azure Resorts Malta, using Barclays Partner Finance (BPF).

The loan agreements were made by Azure Service Ltd between 1 April 2014 and 24 April 2016, with this company not being authorised as a licenced broker to arrange or introduce clients to BPF. On finding out that these loan agreements were made by an unauthorised entity, BPF applied to the FCA to have the loans validated or made legal.

This validation order was issued, affecting some 1,444 clients and could cost Barclays around £47 million.

An appeal by the clients and their legal representatives forced the FCA to apply to the Upper Tribunal Tax and Chancery Division of the Royal Courts of Justice for a hearing on the legal implications and guidance to overturn the validation Order.

On 1 August 2018 Judge Timothy Herrington issued his judgement.

He ruled that the FCA did not take into account “Client Detriment” when they issued the validation order, his ruling was that the FCA re-evaluate that decision and take into account the client detriment.

He stated that the client detriment revolves around the following:

  1. Clients were not given sufficient information as to the terms and conditions of the loan agreement required by law;
  2. There were no major credit checks made as to the affordability of the repayments such as income versus outgoings reports;
  3. The length of the loan agreements were not explained, with client under the impression that they were for two years;
  4. Clients were pressured into signing these agreements;
  5. False representations were made to clients relating to the financial impact of regulated agreements;
  6. Clients were subject to long high pressure sales tactics to purchase the timeshares;
  7. Clients were sold timeshares which were not appropriate for them;
  8. Vulnerable consumers were treated inappropriately;
  9. Concerns about commission arrangements and disclosure thereof.

The FCA must now re-examine the original validation order and take into account the client detriment statements of the borrowers.

With this ruling it makes it almost impossible for the FCA to uphold the original validation order, therefore it must overturn the previous decision and rule that these loan agreements cannot be validated and are thereby unenforceable in law.

This means that all 1,444 clients will be entitled to be repaid all the money plus all interest paid.

Once the FCA issued a cancellation of the original validation order, this will no doubt have an effect on any loan issued by a timeshare company through BPF. Although the company brokering the agreement may be authorised, the points listed above may make it possible for any loan to be contested.

This will be of significant interest to all Silverpoint clients who entered into contracts under the investment weeks scheme.

At present it is not known how long the FCA will take to issue their findings.

Latest news surrounding Tauro Beach.

The scenes witnessed a few weeks ago of the destruction of homes situated on Tauro Beach have been the subject of many news articles, the local people are understandably very angry.

The destruction was carried out by a private demolition company with a not too savoury reputation, Desokupas, who were hired by the Cazorla‘s and Anfi to clear the area which they claim they own.

This was done without any apparent court orders, which leaves us to believe that the destruction may just be illegal, even if the land is owned by the Cazorla’s.

It does leave us to wonder how the members of the Anfi resort must feel about this, that the company they pay high annual maintenance fees can behave in such a manner?

Do they actually understand what is going on?

It also begs the question how the Ambassador for Anfi David Silva, the renowned footballer and local boy must feel about how the company he represents in advertising is treating his own people and neighbours?

Click on the links below.

https://m.eldiario.es/canariasahora/sociedad/situacion-vecinos-Desokupas-chabolas-Tauro_2_799340062.html

http://canarias-semanal.org/not/23270/un-comando-de-boxeadores-peninsulares-viaja-a-gran-canaria-para-derribar-chabolas-video-/

https://www.eldiario.es/canariasahora/politica/Nueva-Canarias-Ayuntamiento-Mogan-Tauro_0_800020281.html

For the full story of the whole project search Tauro Beach in the search box.

If you have any comments or questions regarding this or any other article, or if you need to find out about any company that has contacted you, then use our contact page and we will point you in the right direction.

Tauro Beach Project Information Update.

Since the last article on the Tauro Beach Project, the high tides that were expected did not cause any problems for the residents. This is probably due to the building of sandbag defences and the fact the weather has been very calm. But it is getting to the time of year when storms out at sea begin to become commonplace, it is these storms that will be the real test for the local community and any defences put into place.

 

Inside Timeshare has been looking around the internet at the story of this project, it has been reported widely for some time in the English language by Gran Canaria info. Another local paper in English The Canary News have also followed the story over the past year or so. Not to forget all the Spanish newspapers who have brought much information into the public arena.

 

For those who are interested we have provided some links into this story, mainly from Gran Canaria Info. There is also a link to a video made by Anfi, this includes an interview with the Anfi Ambassador David Silva.

david silva
David Silva, Anfi Ambassador laying the first sand.

David is a famous son of the area, hailing from nearby Arguineguin and has become a world renowned football star. His support for his local community is exemplary, having made significant investments in the area which has benefited his local community. In the video he states that he believes the project to be a worthy one, with benefits for the area in tourism and the subsequent jobs this will bring.

 

Although, we do have to agree with him in this respect, the problem is not with the idea, but how it has been implemented, this is not his fault, all he wants is the best for his local community. For this he gets our total respect. The apparent lack of environmental research into the impact of changing the beach from a rock and pebble beach to one of sand, is at its heart. The current investigations into the licences and permissions granted, all being conducted by the Guardia Civil, raises other disturbing questions. This is a problem of big business and politics overriding what is right. (see previous articles)

new tauro beach

This is a story which is going to run for some time, not just because of the investigations, but for the local community when the winter storms do start out at sea.

 

http://www.gran-canaria-info.com/news/tauro-beach-development-march-2016

 

http://www.gran-canaria-info.com/latest-articles/all-change-at-tauro-beach

 

http://www.gran-canaria-info.com/news/new-tauro-beach-to-be-finished-in-2015

 

http://thecanarynews.com/tauro-beach-project-is-moving-at-last/

 

https://www.youtube.com/watch?v=Iny_Bgj3Dno

 

http://timeshare-talk.info/2016/08/05/challenge-of-legality-tauro-beach/

If you have any questions about any company you are not sure about, contact Inside Timeshare and we will find the answers for you. Inside Timeshare is here to give you the news on what is going on in the world of timeshare, keeping you informed and where to look for yourself.