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OFT 'Save Xmas' campaign comes to the Midlands

171/07    10 December 2007

The OFT is launching the Save Xmas campaign in the Midlands this Tuesday 11 December. The education campaign, launched in June, aims to help people choose the best option for Christmas saving. It is part of the Government's response to the collapse of the Farepak hamper company last year, when 17,000 people across the Midlands lost their Christmas savings.

The OFT was asked by HM Treasury to carry out an awareness programme to help people look at and assess the various ways there are to save for Christmas and decide what works best for them. The OFT is working with Midlands community groups and consumer organisations to run light-hearted sessions for groups of people.

The OFT has produced a toolkit including a leaflet, a short film, presentations, research findings and background information that form the basis of the twenty minute training sessions. More information on the 'Save Xmas' campaign is available in the Save Xmas section.

Sue Cook, OFT Head of Consumer and Business Education, said:

'Thousands of consumers were affected by the collapse of Farepak and community groups including many tenants groups provided advice and options. The OFT is committed to working with such groups locally to increase knowledge and skills about savings, not only for this Christmas but for many years to come. This campaign is not about telling people what they can and can't do with their money. What is important is that people who want to save for Christmas can do so, knowing what their options are and what risks are involved.'

Paul McCabe, Chairman of the Central England Trading Standards Authority, Advice and Education Group, said:

'Trading Standards Authorities across the Midlands are often called upon to provide legal advice to Consumers when things have gone wrong. Christmas savers are often unaware of the options available to them or the risks of one scheme over another. That is why we are supporting the Save Xmas campaign as it seeks to help consumers make the right choices for their own circumstances.'

NOTES

1. The 'Save Xmas' campaign will include working with community groups and partners across the UK to develop consumer education resources for organisations to use with consumers in their local areas. Consumer education is a key element of the campaign, which in the long term aims to equip consumers with the skills to: analyse the options available to them, make comparisons between different choices, make balanced judgements, assess levels of risk, and research relevant information to make the best choice for them.

2. The UK campaign was launched on 1 June 2007 in response to the Farepak collapse last year - see press release 79/07.

3. Community groups from across the Midlands are being invited to assist with the campaign by running sessions about the options when saving for Christmas and other short-term savings schemes.

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