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MP's support for gift-card holders

January 17, 2013 2:02 PM

A call has been made by Colchester MP Sir Bob Russell to help people with gift vouchers who lose out when retail chains such as Jessops and HMV go out of business.

Speaking in the House of Commons this morning, he called for a debate towards providing consumer protection. He observed that in the last few days both Jessops and HMV had ceased trading, leaving thousands of customers with worthless gift vouchers.

He told MPs during Business Questions that the gift voucher market was worth around £4 billion every year, although industry figures show that £250 million of voucher were never redeemed.

Afterwards, Liberal Democrat Sir Bob said he would be pursuing matters with the aim of those issuing gift vouchers being required to join a "bonding" scheme similar to that operated by travel agents so that if a member went out of business the customer would not lose financially.