Christmas Prepayment Association

Improved Security For Savers

Our Code of Practice

The Christmas Prepayment Association

The CPA is the Christmas savings industry self regulatory trade association.

The CPA has developed a Code of Practice, with a view to providing members' customers with the best possible service and to improving the security of monies paid by them to members.

The Industry has worked closely with BEIS, Department for Business, Energy and Industrial Strategy (formerly BIS, formerly BERR) in putting this Association together. The Association has four directors, two from within the industry and two who are independent. The Chairman is an independent director and has the casting vote.

CPA Code of Practice

Key Points:


Members are required to comply with the Code of Practice and act in a professional manner.


Upon receipt of monies from customers, whether directly or through agents, members must pay these into a designated trust account (which must be a PRA regulated bank or building society account) and at least 50% of the trustees must be independent of the member. The trustees are responsible for approving the release of customer's monies held in the trust account. A copy of the trust deed setting up these accounts must be available on the member's website.

All Members offering e-money products must comply with the FCA's safeguarding requirements.

The relationship between members and customers

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.

CPA Members

The following Christmas savings clubs are members of the CPA:

The CPA Directors :

  • Andrew Smith – Independent Chairman
  • Lucy Wardle – Independent Director of Compliance
  • Julian Coghlan – Director
  • Sean Polding – Director

Contact the CPA

Registered Address:
5th Floor
One City place
Queens Road