copycat Posted December 12, 2006 Share Posted December 12, 2006 I saw this in the FT. HBOS security alert over Farepak protest By Andrew Bolger,Scotland Correspondent Published: December 9 2006 02:00 | Last updated: December 9 2006 02:00 HBOS, the bank at the centre of controversy over the collapse of Farepak, the Christmas hamper and voucher company, has stepped up security for its seasonal reception. Hundreds of Farepak customers, who lost most of their savings with the company after its collapse in October, will protest outside HBOS's headquarters in Edinburgh on Monday as the bank entertains investors, politicians, journalists and charities. Thing is I was told HBOS Douglas are having a nice little welcome to our new branch layout drinks and eats on Thursday (14th) at 5:00pm ish - night..are there any disgruntled Farepak savers who will be protesting at HBOS Douglas??? Link to comment Share on other sites More sharing options...
sarahc Posted December 12, 2006 Share Posted December 12, 2006 Someone remind me why it's a bank's fault that Farepack went bust. Link to comment Share on other sites More sharing options...
TerryMcCann Posted December 12, 2006 Share Posted December 12, 2006 Don't ask me. I've never trusted those type of savings schemes since Arthur Fowler stole the christmas club money. It should have been a warning to us all Link to comment Share on other sites More sharing options...
sarahc Posted December 12, 2006 Share Posted December 12, 2006 Wait a second. Bad use of quoting, random comments, obscure stories......? Manxchatterbox, is that you? Can I have my £5? Link to comment Share on other sites More sharing options...
ynsheltyn Posted December 12, 2006 Share Posted December 12, 2006 Someone remind me why it's a bank's fault that Farepack went bust. According to a 'reliable source' (Private Eye) the Farepack parent company (EHR) were using the customers unsecured Xmas savings to prop up their main business for months before the collapse. PE reckon that HBOS and their auditors, Price waterhouse Coopers, were fully aware of this from about last February. Farepack, in trouble, continued to solicit payments from their customers. When the stuff hit the fan in October HBOS took whatever remained in the Fairpak account to pay off the bank loans. According to Private Eye, HBOS, PwC and EHR will be the subject of an investigation by the DTI. And we must believe Private Eye mustn't we? Link to comment Share on other sites More sharing options...
Grumble Posted December 12, 2006 Share Posted December 12, 2006 Sounds about par to me - whenever a company has problems the banks and other 'professionals' make sure they get their money out first and bugger the rest of the people involved. I think it's about time Tony's Cronies had another windfall tax on bank profits. Link to comment Share on other sites More sharing options...
Gladys Posted December 13, 2006 Share Posted December 13, 2006 Of course the banks cover their backsides, that is what makes the commercial world tick, like or not, it is part of the soup we all operate in. I caught a docu about the Farepak collapse a couple of week's ago and what was intimated was that the directors of Farepak continued trading, and taking people's money, way beyond the point when they should have stopped. We can all blame the banks, but it is the directors who run these businesses and there are adequate existing provisions to call them to account. But how many directors are called to account? Very few. As the campaigners have identified, what was lacking was proper regulation and supervision of what was essentially a deposit taking business, it was a bank in all but name! But were they regulated? No! I am no friend of banks, but you can only take them to task when they have a representative on the board of the borrower and then fail to notice the problem. Other than that, they are only a secured lender whose only responsibility, and that of their auditors, is to check the value of their security. Of course, this is a general statement and there may be more to the Farepak carry-on, but blaming the banks is heading for a hiding for nothing. No, it's down to the directors who have the prime responsibility. After that, it is the Govt. for failing to put in place a proper environment for these businesses to operate without risk to the customers. Link to comment Share on other sites More sharing options...
immortalpuppet Posted December 13, 2006 Share Posted December 13, 2006 I've never trusted those type of savings schemes since Arthur Fowler stole the christmas club money. It should have been a warning to us all Thank you, i spat my tea all over my desk when i read that Link to comment Share on other sites More sharing options...
ans Posted December 13, 2006 Share Posted December 13, 2006 Manxchatterbox, is that you?Can I have my £5? Nah, someone already got it on the first post. Must try harder. Link to comment Share on other sites More sharing options...
Amadeus Posted December 13, 2006 Share Posted December 13, 2006 Manxchatterbox, is that you?Can I have my £5? Nah, someone already got it on the first post. Must try harder. Me, me, me! I want my 5 quid Link to comment Share on other sites More sharing options...
ans Posted December 13, 2006 Share Posted December 13, 2006 Oh behave, you posted in the mod section about it yesterday!!! Link to comment Share on other sites More sharing options...
Tuna Sandwich Posted December 13, 2006 Share Posted December 13, 2006 I think it's about time Tony's Cronies had another windfall tax on bank profits. The problem is you know that any windfall tax will only be passed on to the customers. It also really ticks me off when you hear of these finance houses being fined massive sums as a slap on the wrist for some error or misjudgement (even blatant flaunting of the rules) because when they are fined the investors basically lose out a second time. Anyone who saves with virtually unregulated clubs like Farepack is mad. This is not the first time this sort of thing has happened and I am sure it will not be the last. Basically, if you want to save for christmas open a special bank account and save. It is simple. Best of all you can buy what you want with the money rather than get a hamper that always contains things you would never dream of buying. Link to comment Share on other sites More sharing options...
Lonan3 Posted December 13, 2006 Share Posted December 13, 2006 I am no friend of banks, but they are only a gang of outlaws whose only responsibility, and that of their auditors, is to rob the poor to give to the rich. Edited for accuracy. Link to comment Share on other sites More sharing options...
copycat Posted December 13, 2006 Author Share Posted December 13, 2006 If there are people on here who gang up against a new contributor and make out someone is someone else for whatever reason it suits them then maybe I am sorry for coming to this forum. It seems like the more I read the postings and reflect on what the contributors styles are that its just a little clique, and all the talk is in clicks and tongues.Am I right??? Link to comment Share on other sites More sharing options...
Pat Ayres Posted December 14, 2006 Share Posted December 14, 2006 Yes, basically. What did you expect exactly? Link to comment Share on other sites More sharing options...
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