Xmas savers' funds ringfenced after Farepak collapse
Christmas savings companies will have to ringfence customer savings in the future
Christmas savings companies will have to ringfence customers’ money to
protect the funds if the enterprise collapses.
A review into the collapse of
has outlined plans to protect customers’ savings, reported Sky
Farepak’s collapse has seen the vast majority of savings by 150,000 families
lost. Administrators from
Stoy Hayward said customers are likely to receive just a few pence
in the pound.
A trade association will also be set up to act as a watchdog for the