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Eilidh Whiteford, MP for Banff & Buchan

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15p IN THE POUND: A SETTLEMENT UNFAIR FOR ALL

Monday, 26 April 2010

LABOUR’S SHAMEFUL FAREPAK LEGACY

SNP Westminster candidate for Banff & Buchan Eilidh Whiteford 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 confirmation that Farepak families are set to receive just 15p for every pound invested.

Commenting Dr Whiteford 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 Banff & Buchan 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.”

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