GIFT CARDS

That this House notes the unfair practice and lack of transparency around expiry dates on gift cards from retailers; urges the Government to take action to introduce greater protections for consumers purchasing and using gift cards, such as banning use-by-dates altogether, or at the very least introducing a minimum five-year expiry period; understands that there is an often a lack of transparency around expiry dates which leaves the consumer at a great disadvantage; considers that funds not used by the expiry date should more properly be donated to charitable causes rather than used as profit for the companies involved; acknowledges that the gift card industry in the UK is significant, being worth around £6 billion per year, but that around £300 million goes unspent in gift cards every year; recognises that unsuspecting consumers are losing out when gift cards pass their often wholly arbitrary expiry dates; notes that this practice means that shops are profiting without providing consumers with a product or service; and further understands, that with families experiencing rising prices, stagnant wages and squeezed living standards, it is important that the Government steps in to ensure consumers are properly protected.