THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Co-operative Group to launch protected Christmas savings scheme

The Co-operative Group is to launch a Christmas savings scheme trust which it claims will set a new benchmark for consumer protection following the collapse of Farepak in 2006.

GENERAL MERCHANDISE

Co-operative Group to launch protected Christmas savings scheme

The Co-operative Group is to launch a Christmas savings scheme trust which it claims will set a new benchmark for consumer protection following the collapse of Farepak in 2006.

The new scheme, which will be launched in the New Year, will include the implementation of a specifically created trust designed to protect participants’ Christmas savings.

The Co-operative, which has been working closely with representatives of the Farepak Victims Committee set up after the collapse of Christmas club, believes the scheme will set a new standard for other businesses to follow.

The collapse of Farepak led to nearly 120,000 people losing on average £400 each. Since then both the Office of Fair Trading and the Farepak Victims Committee have called upon all businesses operating in this area to improve consumer protection and confidence in such schemes.

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, added:  “We have been campaigning for six years because, as former customers and agents, we know only too well of the heartache caused by the Farepak collapse.  This is a massive step in the right direction and demonstrates how The Co-operative is putting the customer at the heart of its business.”

 


Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019