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Farepak

I, like others, have a number of constituents who have been deeply affected by the Farepak escapade and who, as a result, will suffer at Christmas. One of my constituents, who has acted as an agent for Farepak, came to see me recently on behalf of all the friends from whom she had, in good faith, accepted payments. She wanted to know what, if anything, she could do to put things right. She was particularly concerned that she might in some way be to blame. I did my best to reassure her and have written to the administrators, the Minister and Norfolk trading standards to seek their advice. My constituents and I, in common with those in attendance today and the thousands they represent, seek the Government’s answer to a number of questions. What can be done in the immediate future to facilitate a rescue to help those who have lost significant amounts of money? I am pleased that the Minister for Trade has called for the Financial Services Authority to regulate Christmas savings schemes, but why were they not regulated before? How long will it be before the FSA regulates the schemes? The DTI has launched an inquiry; how long will it take? What steps will be taken to safeguard members of other hamper schemes in the meantime? Most importantly, why was money allowed to be collected after trading in EHR shares was suspended?