MUM-OF-SIX Helen Boore has welcomed a fine for the former head of the firm behind Farepak, the savings business which collapsed leaving thousands out of pocket.

Farepak ran a Christmas savings scheme which helped people to spread the cost of festive spending throughout the year.

People in Oxfordshire were among 120,000 customers who lost a total of £40m when the Wiltshire-based hamper company collapsed in 2006.

Victims lost an average of £400 each after the company, and its parent company European Home Retail, went into administration before a compensation deal of £4m was agreed.

Now William Rollason, who was chief executive of European Home Retail, has been fined following a Financial Reporting Council (FRC) disciplinary hearing after he accepted that he acted recklessly.

Mr Rollason came under the FRC’s power as a member of the Institute of Chartered Accountants in England and Wales. He was issued with a severe reprimand, fined £15,000 and told to pay £50,000 towards the cost of the disciplinary hearing.

Care worker Mrs Boore, 50, of Ladenham Road, Blackbird Leys, Oxford, welcomed the fine.

The grandmother-of-five lost about £900 and was paid back £200 last year.

She said: “I think it’s right that a fine has been imposed but people didn’t get all their money back and will never be properly compensated.

“After what happened with Farepak I decided to save money for Christmas with Blackbird Leys Credit Union.

“With six children and five grandchildren it’s important to save up for Christmas and the money goes out every month on a direct debit.

“My daughter Sarah Meziu, who lives in Pegasus Road, lost about £800 with Farepak and I think she got about £100 back.

“It caused an awful lot of upset at the time because the collapse happened so close to Christmas.

“I had been doing Farepak for years and I know quite a few people in Oxford who were affected.”

In a statement on the FRC website, Gareth Rees, the executive counsel to the FRC, said: “The FRC is pleased with the outcome of this case.

“This case shows the high level of integrity expected from chartered accountants who take up executive positions in business.”