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Farepak

It is incomprehensible to me how a company that takes in money a considerable time before it has to deliver the goods to its customers can get into such a mess. Constituents of mine put it bluntly; they call it theft. I have three questions for the Minister. First, will my right hon. Friend update us on the latest prospect of immediate help for those who have lost money? Secondly, I understand that the Hamper Industry Trade Association has stressed that the situation is by no means a reflection on the Christmas savings industry as a whole. I am afraid that the public will judge it as such, and that may lead to a considerable future loss of confidence in the trade, even among companies that act honourably. The Farepak collapse also raises the question of what sort of protection is available to those saving with hamper schemes. Anyone saving with a bank or a credit union is covered by the financial services compensation scheme, which compensates 100 per cent. up to £2,000 loss and 90 per cent. for the next £33,000. The hamper industry, like other industries that collect savings a long time in advance of delivery, clearly needs to have a similar protection scheme to safeguard its customers. We need proper regulation, together with realistic bonds, in order to provide proper protection for savers and to ensure that nothing like this can happen again. Thirdly, will the Minister give a categorical assurance that the investigation into Farepak will be thorough and that if there has been wrongdoing it will be properly punished?