Credit Unions welcome OFT’s “Save Christmas” campaign

Mark Lyonette, Chief Executive of the Association of British Credit Unions (ABCUL), has lent his support to the campaign launched this week by the Office of Fair Trading (OFT).

Following the collapse of the Farepak hamper company last year, the OFT has launched a new initiative to help consumers decide how best to ensure they can afford to pay for Christmas.

The OFT was asked by the Treasury to carry out an awareness programme to help consumers understand their options when saving for Christmas. The new campaign will include working with community groups and partners across the UK to explain at a grass roots level what the alternatives are when saving for Christmas.

“ABCUL wholeheartedly supports the OFT campaign,” says Mark Lyonette. “We have long believed that much more needs to be done to promote safe ways of saving for Christmas.

“Many credit union members across Britain regularly save for Christmas and other special occasions secure in the knowledge that their money is protected. Credit union savings are governed by the Financial Services Authority and have the same backing as banks and building societies in terms of deposit protection, so members know that the money they put away for Christmas will be there for them when the bills arrive.

“As community based organisations, credit unions are already working hard to help local people understand the savings options open to them. We all deserve a happy Christmas and we believe that this campaign will help many more people avoid the pitfalls of unregulated lending.”