Scots suffer as currency firm folds

A SCOTS family who planned a dream holiday in the US to celebrate their parents' ruby wedding anniversary have been caught up in a financial nightmare after one of the UK's largest foreign exchange firms collapsed.

Jason Scott said he feared his family may have lost 4,000 of spending money for their holiday to Orlando, Florida, after Crown Currency Exchange (CCE) called in administrators on Monday.

The Cornwall-based company, which was not covered by Financial Services Authority (FSA) compensation schemes, owes around 20 million but has only 3m in assets.

More than 13,000 people, including holidaymakers, business travellers and second-home buyers, have been left without cash.

Last night administrators MCR, who have been contacted by around 7,000 people, warned it could be many months before customers learn if they are going to get any cash back.

Mr Scott, 38, a behaviour support assistant from Ballingry in Fife, said the firm's collapse had put a damper on the family celebration. He received his 2,000 currency but a further 4,000 due to his sister and parents failed to appear.

He said: "We started planning this holiday 18 months ago as a holiday of a lifetime.

"My parents are pensioners and my mother was putting away 2 coins towards it.

"I'll never book currency online again, I'll hand over cash for cash."