Abolition of voucher expirations good for consumers

People who have purchased gift vouchers will no longer be caught out by expiration dates, under new laws from the Minister for Jobs, Enterprise and Innovation Richard Bruton.
Commenting on this Senator Catherine Noone said: “I would like to warmly welcome the recent announcement from Minister Bruton that we have upcoming consumer regulations which will bring a number of further rights to consumers, specifically in relation to gift voucher expirations.
“I believe that a great many of those who issue vouchers have overly onerous terms in relation to the vouchers, often just twelve months from the day of purchase which means that, by the time the recipient receives the voucher, it may be the case that they only have nine or ten months to redeem it.
“However, one minor concern I would have, and I would welcome clarification from the Minister, is how it will impact businesses and their balance sheets. Does the Minister propose a mechanism to ensure that gift vouchers won’t remain a permanent liability on the balance sheet of a business? Given there is a likelihood that a percentage of gift vouchers won’t ever be redeemed, it would seem wise to try and formalise a structure which ensures a balance of fairness to both consumers and to businesses.
“Nevertheless, prior to these clarifications, which I’m sure the Minister will give, I am confident that this is a positive move which will be welcomed. Most of us have surely been cleaning up and found gift vouchers for shops or restaurants that are expired and felt the frustration at having ‘dead money’.”

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