TCF scraps review into member fees

TCF scraps review into member fees
By admin

The Travel Compensation Fund (TCF) has scrapped a review into the fees paid by members in light of the impending winding up of the scheme.

The TCF said there was no point in pursuing the review, which had been initiated in June, following a decision by consumer affairs ministers to adopt a new structure of financial protection (Travel Today, July 6).

That new structure will not include the TCF which has become a “significant regulatory burden with declining benefit”, ministers said.

In a briefing note, the TCF said the board, at its latest meeting, “noted” the decision for the winding up of the TCF as a means of travel industry compensation.

In particular, the board recognised the “forthcoming ministerial decision in December 2012 as to the details of a transition plan for travel agent regulation and compensation and related matters”.

“The board had at a previous meeting authoriesed a two-stage review of the financial criteria….to determine whether any modifications were required,” the TCF said. “In light of the Ministerial Council decision, the board decided this would be deferred.”

The review into “the fees and contributions levied on participants” was to take place amid the “sound” financial position of TCF which has reserves of $31.6 million (Travel Today, June 26).

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