Agency collapse strengthens call for TCF extension: Mayo

Agency collapse strengthens call for TCF extension: Mayo
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The termination of NSW based travel agency All Travel from the Travel Compensation Fund (TCF) further highlights the need for mandatory consumer protection as part of the new ATAS scheme, according to TravelManagers.

The collapse is expected to generate consumer claims in excess of $400,000 which will be compensated through the TCF.

“All Travel’s clients will not be out of pocket from the travel agency collapse thanks to the security of the TCF,” chairman Barry Mayo said.

“TravelManagers believe these clients would be facing a very different situation should this collapse have occurred after 01 July, where ATAS accreditation does not deliver consumers any guarantee of protection against travel intermediary insolvency.”

The new accreditation scheme will take effect on July 1, with insolvency insurance currently a voluntary option.

“The reality is that many of these clients would have lost money and forfeited travel with no recourse, which without question will weaken public perception and consumer confidence in travel agents as a whole,” Mayo insisted.

TravelManagers confirmed earlier this week that it had approached the government over a six-month extension to the TCF.

“This will allow the travel industry to have time to obtain more certainty and clarity around the scheme and have an appropriate review of TAIFI and explore alternative insurance products.

“It will also give security for consumers who may be impacted by the failure of a travel agent, just like this week’s situation with All Travel and who does not properly account for their customer’s monies during this transition period.”

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