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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