AFTA optimistic on TCF audit amendment

AFTA optimistic on TCF audit amendment
By admin


The Australian Federation of Travel Agents expects to know by the end of the week if agents will have to complete the Travel Compensation Fund audit requirements for 2012/13.

General manager accreditation Gary O'Riordan told Travel Today that AFTA expects to be notified by Thursday or Friday regarding an amendment to the TCF Trust Deed which will eliminate the need for participants to adhere to the scheme requirement.

"What we believe is that industry will not be required to do their annual financial return for 2012/13," he said.

"It will certainly be something the industry will be very positive about if it comes out that way."

The AFTA Accreditation Scheme (ATAS), still under development, has committed to finding a new method to ascertain solvency, thereby eliminating the audit process for agents.

"There will be less burden on the participant, not only in time spent complying and producing documents and reports, but also it will cost them considerably less," O'Riordan said.

Meanwhile, he confirmed ATAS remains in a "bit of a holding pattern" as it awaits this outcome and also that of the meeting of consumer affairs ministers on July 5 which will determine whether it can access TCF reserves.

In its submission to the Travel Industry Transition Plan last year, AFTA requested around $9 million of the TCF's approximate $30m reserves to establish the scheme and educate the public on changes to the consumer protection structure.

Once funding has been confirmed, ATAS will have the "green light" to forge ahead with its plans to further consult with the industry via a series of workshops and webinars with a major consumer education campaign also on the cards.

Meanwhile, progress has been made, with extensive stakeholder meetings held in May, and the approval of the scheme's draft criteria by the AFTA Board earlier this month.

"We've had a pretty good run over the last few months talking with suppliers and the travel agent community about requirements," O'Riordan said.

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