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Farepak victims plan bank protest Farepak victims plan bank protest
(about 12 hours later)
Farepak customers are set to protest outside Halifax Bank of Scotland's offices later, over what they see as its role in the savings club's demise.Farepak customers are set to protest outside Halifax Bank of Scotland's offices later, over what they see as its role in the savings club's demise.
Victims of Farepak's collapse are expected to protest in Edinburgh as the bank holds a reception. Victims of Farepak's collapse, which led 150,000 people to lose up to £50m, are expected to protest in Edinburgh as the bank holds a reception.
HBOS has been criticised for acting as banker to Farepak's parent company while Farepak was allowed to continue trading, despite its problems. HBOS was criticised for acting as banker to Farepak's parent firm while its troubled subsdiary stayed trading,
Farepak's collapse in October hit some 150,000 people, who lost up to £50m. HBOS said it was in no way responsible for Farepak's collapse.
HBOS provided the overdraft facility to Farepak's owner, European Home Retail (EHR). Donation
HBOS's decision not to extend EHR's overdraft eventually led to administrators being called in. The demonstration is being led by Suzy Hall, who lost £1,000 following Farepak's collapse.
Pending review Ms Hall said she expected 200 people to attend the event, set to be held outside the bank's Edinburgh headquarters.
Since it collapsed, a Farepak Response Fund has been launched, with contributions coming from individuals as well as companies, raising £6.4m. Ms Hall is wrong in claiming HBOS was somehow responsible for what happened at Farepak HB0S statement
HBOS provided the overdraft facility to European Home Retail - Farepak's owner - and its decision not to extend this eventually led to administrators being called in.
A Response Fund launched to help Farepak customers has raised £6.4m in contributions from the public and companies.
HBOS gave £2m to the fund but some critics have said the amount was small given its role in the collapse.HBOS gave £2m to the fund but some critics have said the amount was small given its role in the collapse.
According to the Financial Times, HBOS is stepping up its security for its reception in expectation of the protests. Right to protest
In the wake of Farepak's collapse, the Treasury is set to launch a review of how Christmas saving clubs - which tend to be be highly unregulated - work. But HBOS said it was not responsible for how Farepak was run as a business and that claims it pocketed savings belonging to Farepak customers were "completely untrue".
"Banks provide loan facilities, they do not own or run companies," it said.
"Ms Hall is, therefore, wrong in claiming HBOS was somewhere responsible for what happened at Farepak."
HBOS said it defended the right to peaceful protest but added that its right to go about its business must also be upheld.
In the wake of Farepak's collapse, the Treasury is set to launch a review of how Christmas saving clubs - which tend to be highly unregulated - work.
On average Farepak customers are estimated to have lost about £400 each, but some are thought to have lost nearer £2,000.On average Farepak customers are estimated to have lost about £400 each, but some are thought to have lost nearer £2,000.