Select Committee on Treasury Written Evidence

Letter from Chris Houghton, Managing Director, Park Group to the Chairman

  I am writing as promised following my appearance before the Treasury Select Committee on 6 June 2007[18] to update you on the latest situation regarding the establishment of trust accounts to protect our customers' money.

  The accounts have now been set up and I enclose a copy of the deed[19] and the biographies of the two independent trustees. [20]It has taken slightly longer to establish the trust arrangements than I had anticipated but we are now in a position to put them in place. The trust company and bank accounts have been established and the trust will be legally confirmed on 13 August 2007, which is the next suitable date to ensure a clean transfer. Park will make a press announcement via the RNS service on the 13 August confirming hat the trusts have been established.

  We are delighted that the appropriate regulatory structure is now in place and look forward to building a new sense of confidence in the Christmas savings industry in partnership with government, Parliamentarians and the Office of Fair Trading.

7 August 2007

18   Q 120. Back

19   Not printed. Back

20   Not printed.


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