Christmas Prepayment Association
The CPA is the recently launched Christmas Savings Industry self regulatory trade association.
The CPA is developing a Code of Practice, with a view to providing customers with the best possible service and to improving the security of monies paid by them to members.
The Industry has worked closely with BERR (Department for Business, Enterprise and Regulatory Reform) in putting this Association together. The Association has six directors, three from within the industry and three who are independent. The Chairman is an independent director and has the casting vote.
CPA Code of Practice Key Points
Conduct
Members will be required to comply with the Code of Practice and act in a professional manner.
Savings
Upon receipt of monies from customers, members must pay these into a designated trust account and at least 50% of the trustees must be independent of the member. The trustees will be responsible for approving the release of customer's monies held in the trust account. Copies of the trust deed setting up these accounts are available from the member on request.
The relationship between members and customer's
Full and clear information must be given in all literature and leaflets in relation to the goods and services offered.
Advertising and promotions
Members' advertising must be clear and accurate and not mislead customers about the goods and services offered. Members will also keep mailing lists accurate and up to date.
Customer complaints and procedures
If members fail to comply with the Code of Practice, they may be liable to disciplinary action. If a customer feels that the member has not resolved a complaint, they can contact the CPA, who will provide an independent conciliation service.
The full Code of Practice is available on the CPA website: www.cpa-advice.co.uk
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