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Co-op starts Christmas savings plan.

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 PS37 million, averaging hundreds of pounds each - including scores of people in Coventry and Warwickshire who told the Telegraph at the time that Christmas had been ruined for them and their families.

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, of the Farepak Victims Committee, said: "The Co-operative Group really is underlining its care for communities."
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Publication:Coventry Evening Telegraph (England)
Geographic Code:4EUUK
Date:Nov 9, 2012
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