Co-op scheme for Christmas savers
The Co-operative Group is to launch a Christmas savings scheme trust, saying it will offer greater protection to consumers following the collapse of Christmas club Farepak.
The group said it had been working closely with the Farepak Victims Committee on the new scheme, which will start in the new year.
Farepak collapsed in 2006, leaving 114,000 people with total losses of £37 million, averaging hundreds of pounds each.
Martyn Wates, deputy group chief executive of The Co-operative Group, said: “The memory and impact of Farepak’s demise is still felt by many households within the UK.
“Members of the Farepak Victims Committee have, to their enormous credit, kept the issue of consumer protection alive and I am delighted that, as the UK’s biggest consumer-owned business, we have been able to respond in this way.
“Our pioneering approach will give our customers added peace of mind and will set a standard for other businesses to follow.”
Deb Harvey, secretary of the Farepak Victims Committee, said: “By putting this new scheme in place, The Co-operative Group really is underlining its care for communities.”
Consumer Affairs Minister Jo Swinson said: “I warmly welcome the Co-operative’s announcement. Their decision to establish a trust to give their customers even greater protection for their Christmas savings is the sort of business initiative that will increase consumer confidence in this form of saving.”
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