BURNLEY Credit Union has added its voice to the criticism of hamper company Farepak which collapsed leaving thousands of needy families without their Christmas savings.

About 150,000 mainly low-income families lost an estimated £50m when Farepak went into administration last month.

Hilary Ward, treasurer of Burnley Area Community Credit Union, said: "It is unacceptable that these companies are not regulated as families trusted them with their money.

"Now those families are facing a bleak Christmas without this money."

She added: "It is better to entrust your hard-earned cash to a company which is a fully regulated financial institution such as a credit union.

"Their members own them and run them."