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| Version 1 | Version 2 |
|---|---|
| Christmas club safeguards planned | Christmas club safeguards planned |
| (about 1 hour later) | |
| Proposals to safeguard customers of Christmas savings clubs are to be announced by the government. | Proposals to safeguard customers of Christmas savings clubs are to be announced by the government. |
| The move comes after more than 150,000 people lost an average of £400 when hamper firm Farepak failed last year. | The move comes after more than 150,000 people lost an average of £400 when hamper firm Farepak failed last year. |
| The government's plan will try to ensure that Christmas savings club cash is ringfenced for customers. | The government's plan will try to ensure that Christmas savings club cash is ringfenced for customers. |
| Customers of Farepak are likely to receive back just a few pence for each pound they lost after the company went into administration. | Customers of Farepak are likely to receive back just a few pence for each pound they lost after the company went into administration. |
| The government's plan has been backed by the biggest remaining Christmas savings club operator, the Park Group. | The government's plan has been backed by the biggest remaining Christmas savings club operator, the Park Group. |
| Farepak's administrators BDO Stoy Hayward said the collapse of the business was triggered by the fact £33m it lent to its parent company European Home Retail was not paid back. | Farepak's administrators BDO Stoy Hayward said the collapse of the business was triggered by the fact £33m it lent to its parent company European Home Retail was not paid back. |
| Farepak's collapse is also still being investigated by the government's Companies Investigation Branch. |