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FAREPAK CUSTOMERS SHOULD RECEIVE COMPENSATION BEFORE CHRISTMAS - RENNIE
November 22, 2007 5:13 PM
Local MP Willie Rennie has given his backing to a report released yesterday which says that Farepak customers should be provided with compensation before Christmas.
The 40-page report, which was presented to Parliament on Monday, was commissioned by the trade union Unison and the Centre for Crime and Justice Studies. It is based on interviews with Farepak customers who lost their entire Christmas savings after the company went bust exactly one year ago.
Mr Rennie supports the calls for tighter regulation of the Christmas savings market and for the publication of the Government probe into the collapse of the company.
Speaking after the report was published, Mr Rennie said:
"While progress is being made by the administrators, BDO Stoy Hayward, it is undoubtedly very slow progress. Although the company went into administration a year ago, it only went into liquidation last month. This is important because it means that BDO Stoy Hayward now have greater powers to investigate the circumstances which led to the collapse of the company.
"I want the findings of the various enquiries, including those carried out by the companies investigation branch of the Department for Business and the Office of Fair Trading, to be made public. If there is evidence of improper conduct it must be provided to the police so that any criminal proceedings can be brought against those who were responsible."
The report found that the average loss of savings by Farepak customers is £400 but some people lost more than £2,000.
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