TCF says business as usual

TCF says business as usual
By admin


The Travel Compensation Fund has reminded agents they must continue to fulfil their obligations to the scheme despite uncertainty over its future.

The reminder aims to ease confusion in the wake of a ministerial announcement regarding proposed reforms to consumer protection in the travel industry including the winding up of the fund.

Chief executive Glen Wells said the TCF had received a number of calls from agents seeking clarification over its future.

He stressed there are “no immediate changes” to the current requirements for Australian travel agents.

“They must continue to lodge their annual financial reviews and financial statements with the TCF,” he said.

“New agents must still make application for TCF participation and show they have the necessary financial resources to carry on business as a travel agent as part of their application for a travel agents licence.”

A draft plan for a replacement for the scheme will be made available for public consultation from August.

“In this way, all stakeholders will have the opportunity to put their views about what is proposed and these will be considered by ministers before a decision is made, most likely in December 2012, about any chances to current arrangements,” Wells said.

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