The Business Secretary Vince Cable has today responded to the Lloyds Banking Group statement on their decision to make an ex-gratia payment of £8 million for Farepak’s former customers. Dr Cable wrote to Lloyds on 28 June asking for their views on the comments made about the bank by Justice Peter Smith. Lloyds Banking Group has today responded.
Business Secretary Vince Cable said:
“The result of the legal proceedings case against the former directors was disappointing but this increased compensation will go some way in helping those who were left considerably out of pocket by Farepak’s collapse. My department and Lloyds will work to make sure this money gets to the victims as quickly as possible. I will be meeting a group of Farepak’s creditors and MPs next week to discuss the case.”