Shawbrook Bank - Ignores undelivered maturity emails- assumes you've received them.

HUMBUG

PaulW63 said:

I can’t fault Shawbrook. I’ve been with them for 3 years and the communication has been fine. Pretty much all online, but anything that needs to be backed up with a hard copy, arrives. 

I've been with them 15 years but it doesn't count for much.

HUMBUG

Never knew about this though- blissfully unaware that they might be owing £100m in compensation. Is that the real reason for the measly 0.1% interest account?

https://sarahwaddingtonsolicitors.co.uk/news/banks-continue-to-drag-their-heels-in-timeshare-cases/

eskbanker

HUMBUG said:

Never knew about this though- blissfully unaware that they might be owing £100m in compensation. Is that the real reason for the measly 0.1% interest account?

https://sarahwaddingtonsolicitors.co.uk/news/banks-continue-to-drag-their-heels-in-timeshare-cases/

That judgment doesn't mean that Shawbrook might be owing £100m in compensation, if that's how you're interpreting it - the figure is an estimate of the aggregate claims against all banks involved, only two of which chose to challenge FOS in court, unsuccessfully....

HUMBUG

IanManc said:

HUMBUG said:

IanManc said:

One day it might happen to you, it's almost guaranteed you will make a mistake . This is the first expensive oversight I've made in 36 years, but age has a lot to do with it (my eyesight and hearing are failing), but  'every cloud has a silver lining' , because at least it's made you happy.

Finally you admit that it is your mistake.

So now you can stop hassling Shawbrook and you needn't bother wasting the time of the FOS with your pointless spurious complaint.

Happy days. 

Ahh -  I love it when the shills come out to play.

Look at post 
https://forums.moneysavingexpert.com/discussion/comment/81405581/#Comment_81405581 

That's where I first admitted the mistake . It was quite early in the thread but you probably didn't read it.

Oh dear. You're not doing very well, are you?

Not only did I read it, I replied to it. Then you quoted my reply.

And calling people shills doesn't do anything to strengthen your non-existent complaint against Shawbrook. It's just another sign of your desperation not to take responsibility for your own mistake and to cast around for any way to try to blame someone else.

I'm doing very well thanks.  The FOS letter is nearly ready and I have made it clear that there are contradictions in the responses I received from Shawbrook personnel  and also in their T&C's .   Further , I have raised the issue of the 0.1% saving rate as per the expert post by 'TheBanker' forum member using the FCA's Consumer Duty publication in Sept 24  regarding fair rates for customers. 

I can complain about Shawbrook if I think I have a case, so your comments about not 'hassling' them or wasting FOS time are pretty worthless.

HUMBUG

eskbanker said:

HUMBUG said:

Never knew about this though- blissfully unaware that they might be owing £100m in compensation. Is that the real reason for the measly 0.1% interest account?

https://sarahwaddingtonsolicitors.co.uk/news/banks-continue-to-drag-their-heels-in-timeshare-cases/

That judgment doesn't mean that Shawbrook might be owing £100m in compensation, if that's how you're interpreting it - the figure is an estimate of the aggregate claims against all banks involved, only two of which chose to challenge FOS in court, unsuccessfully....

The link below claims £500m owed by 3 banks including Shawbrook but maybe their figures are inaccurate.

https://www.national-timeshare-helpline.org.uk/blog/huge-losses-for-shawbrook-for-years-to-come

HUMBUG

Here is the process that Hodge Bank use. So they send SMS messages as well as unmonitored 'No Reply'  emails, something that Shawbrook should be doing as per their T&C's (which they dispute) but don't.


---------------------------------------------

Thank you for getting in touch.

If a customer’s email is no longer active or able to receive messages, the automatically generated communications will return as undeliverable. However, as this is a ‘No Reply’ email address, the team will not be made aware and this is not monitored.

Maturity reminders are also sent by SMS 14 days before the end of term. SMS messages are also sent advising customers when their statements are available to view.

We will not, however, contact you to advise the ‘No Reply’ emails are being returned, as this correspondence is fully automated.

I would encourage you to ensure that your contact details are always up to date. Furthermore, as your email address is your username, it’s best to update this if it changes.

-------------------------------------------------

 

HUMBUG

Here is the response from the FCA:

------------------------------------------------

Thank you for contacting the Financial Conduct Authority (FCA)

Your query

I understand that you are unhappy with Shawbrook's use of a No Reply mailbox, this resulted in your account being closed and funds transferred into a Maturity Funds account with 0.01% interest. You're also concerned about potential breaches in the terms and conditions.

Our response

If you have dealt with an FCA regulated firm, it generally means that, if you're dissatisfied with their service, you have the right to raise a complaint. Regulated financial firms must have dispute resolution procedures and respond to you within set deadlines. If the firm's response is unsatisfactory, they reject your complaint, or you don't hear back within 8 weeks, the Financial Ombudsman Service may be able to assist you. They are able to mediate between firms and consumers.

Firm check

Shawbrook Bank Limited are on the Financial Services Register, and I can confirm that they hold banking permissions. There is a clone warning on our register which means that individuals are using the details of this firm to suggest they work for the genuine firm. We call this a cloned firm and it is typically part of a scam. Should you wish to contact the firm, ensure you do so using the details from the register, so you can be sure you're contacting the genuine firm.

Regulation

As the firm is authorised, we expect all firms we regulate to follow the rules and guidelines we have in place.

We have High Level Principles outlined in the FCA Handbook which includes PRIN 6, treating customers fairly, and PRIN 7, firms must communicate information to consumers in a way which is clear, fair and not misleading. 

---------------------------------------------------------------------------

HUMBUG

What I might do is actually refer the FOS to the 'High Level Principles' link and point out these sections for him to consider.

--------------------------------------------------------------------------------

PRIN 2.1 The Principles

PRIN 2.1.1

12 Consumer Duty

A firm must act to deliver good outcomes for retail customers.

6 Customers' interests	A firm must pay due regard to the interests of its customers and treat them fairly.
7 Communications with clients	A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

TheSpectator

How about you just tell us the outcome of your FOS complaint, it's not us you need to convince.

eskbanker

HUMBUG said:

eskbanker said:

HUMBUG said:

Never knew about this though- blissfully unaware that they might be owing £100m in compensation. Is that the real reason for the measly 0.1% interest account?

https://sarahwaddingtonsolicitors.co.uk/news/banks-continue-to-drag-their-heels-in-timeshare-cases/

That judgment doesn't mean that Shawbrook might be owing £100m in compensation, if that's how you're interpreting it - the figure is an estimate of the aggregate claims against all banks involved, only two of which chose to challenge FOS in court, unsuccessfully....

The link below claims £500m owed by 3 banks including Shawbrook but maybe their figures are inaccurate.

https://www.national-timeshare-helpline.org.uk/blog/huge-losses-for-shawbrook-for-years-to-come

I can't remember where I saw it but thought I'd seen reference to £100m of total claims (across all lenders) as at the date of the court case, but accompanied by speculation that these could ultimately rise to £500m.

However, I'd consider Shawbrook's annual report to be a more credible source, where the actual financial provisions will reflect standard accounting practices and have been audited:

Timeshare complaints
The Group has received a number of complaints from customers about holiday ownership (timeshare) products and as at 31 December 2024, the Group has recognised a provision of £9.2 million (2023: £10.1 million) in relation to current and potential future customer complaints (see Note 34). As this is an ongoing area of review there is potential for further liabilities from customers that have not yet complained. However, based on current evidence, the level of uncertainty regarding the outcome means the criteria to be recognised as a provision are not judged to have been met.

https://www.shawbrook.co.uk/media/a5nfzseb/shawbrook-group-annual-report-accounts-2024.pdf

While figures in the region of £10m may sound significant, they obviously need to be viewed in the context of a loan book of over £15 billion and annual profits of nearly £300 million, so this really isn't a big issue!