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(From Government News Network (Was Hermes-Government Press Releases))
] HM TREASURY 38/07 28 March 2007 Launch of Financial Inclusion Strategy and Farepak report
Today the Economic Secretary, Ed Balls, and Consumer Minister, Ian McCartney, responded to the Pomeroy Review on Farepak. The Pomeroy Review was set up by the Government to look at Christmas hamper savings schemes following the collapse of Farepak and the financial losses suffered by its customers.
Ed Balls, Economic Secretary, also published today Financial inclusion: the way forward setting out the next steps for the Government's work to tackle financial exclusion. Events such as Farepak can only be prevented in the longer term by achieving much greater financial inclusion in our society.
Responding to the Pomeroy Review, the Government has announced today:
* it has secured agreement from the hamper industry to establish an industry-led scheme to ensure that consumers' interests are fully protected through the establishment of secure, ring-fenced accounts;
* GBP1 million funding for the Office of Fair Trading to conduct a consumer awareness campaign in the coming months on Christmas saving schemes and mainstream alternatives;
* the …