New standard for saving schemes

THE CO-OPERATIVE Group is to become the first UK retailer to launch a Christmas savings scheme trust, protecting shoppers across Scotland and setting a new benchmark in consumer protection following the Farepak collapse.

The new scheme, which will be launched in the New Year, will introduce a specifically created trust, giving consumers even greater protection for their Christmas savings. Full details of the scheme will be provided at the time of launch.

Thousands of shoppers save for Christmas by buying £1 stamps during the year which they can cash in when they do their festive shopping. Customers who buy stamps before the new scheme comes into effect will still be able to redeem them as normal. The Co-operative, which has been working closely with representatives of the Farepak Victims Committee, set up after the Christmas club collapsed in 2006 leaving nearly 120,000 people out of pocket, believes the scheme will set a new standard for other businesses to follow.