Move comes 16 years after collapse of Christmas savings club Farepak, which left thousands unable to access cash
New laws are to be announced this week aimed at protecting the hundreds of thousands of Britons who use savings clubs to put money aside for Christmas or pay for other items in advance.
The government said it would also look at whether there were other sectors posing risks to people who prepay for goods or services, and whether similar protections were needed. Home improvements and weddings are two examples of big-ticket items where people frequently hand over substantial sums in advance.
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