David Prosser: Farepak victims not forgotten after all
Wednesday 16 February 2011
Outlook This is not to prejudge the outcome of the proceedings the Insolvency Service began yesterday against the former directors of the parent company of Farepak, but it is genuinely heartening to see the Government seek to hold someone to account for what was a sordid episode. The only losers so far from the Farepak scandal have been its savers – five Christmases have passed since they learned tens of millions of pounds of money put by so prudently had somehow gone up in smoke, but little responsibility has been attached to anyone involved.
Although there was a settlement between BDO, the Farepak administrator, and the directors in question, it was made with no admission of blame. And the £4m that BDO raised meant victims of the scandal saw their payments rise to only 15p of each pound lost. Regulatory improvements have been made since the affair, but justice should be done too.
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