LABOUR’S SHAMEFUL FAREPAK LEGACY

LABOUR’S SHAMEFUL FAREPAK LEGACY 15p IN THE POUND: A SETTLEMENT UNFAIR FOR ALL SNP Work and Pensions Spokesman, John Mason MP, has hit out at an “inadequate and unfair” settlement for the thousands of victims of the Farepak collapse and slammed the Labour Government for its repeated failure to step in to ensure compensation for the victims. Following a meeting between former directors of the Christmas savings club and the joint liquidators, Farepak families are set to receive just 15p for every pound invested. Commenting Mr Mason said: “It is simply disgraceful that, three years after the Farepak collapse, 123, 000 victims are still haunted by this ghost of Christmas past. “It is a disgrace that thousands of low-income families, still struggling to find their feet, are set to receive this inadequate and unfair payout while the administrators have made millions. “In Glasgow East, Livingston and constituencies around the country, families have been hit financially by the Farepak collapse and they have not received a fair deal. “After failing to secure adequate consumer protection and failing to ensure compensation for the victims, this is Labour’s legacy to thousands of families. "Farepak should have been a stark warning to the UK government to take serious and decisive action against the workings of the insolvency industry which is raking in a fortune at the expense of creditors. Unfortunately Labour’s failure to act has resulted in a settlement, unfair for all.”