TCF soldiering on ‚Äúas normal”

TCF soldiering on ‚Äúas normal”
By admin


The Travel Compensation Fund (TCF) will continue to operate as normal until a new Trust Deed is drawn up, its board has declared.

The TCF said it has "no option" but to carry on as usual after considering the decision of consumer affairs ministers to wind up the body by 2015.

In an update issued today, the TCF said it has been told that a new Trust Deed is being prepared to replace the existing one.

"Until that time, the TCF Board has decided that it has no option but to continue to operate under the current Trust Deed," it said. "This means that current arrangements affecting TCF participants will continue for the time being."

For those companies which have recently joined the TCF and for those which joined prior to the Travel Industry Transition Plan, "the current contribution and fee arrangements will remain in place".

"However, when change occurs, the Board has decided it will review past arrangements and fees paid by agents, to see whether some financial recognition by way of rebates would be in order."

The TCF added that it will "keep participants informed of developments on a monthly basis".

The update confirmed that it will be replaced "by an industry acceditation scheme and other initiatives" while consumer protection will be "dealt with under general consumer protection laws, and industry mechanism such as credit cards chargebacks."

The timetable of reform will see the cessation of TCF prudential supervision, the repeal of travel agent legislation in 2014, the end of TCF compensation where travel agents collapse "and the winding up of the TCF by 2015".

 

Email the Travel Weekly team at traveldesk@travelweekly.com.au

Latest News

  • Tour Operators
  • Travel Weekly TV

What sets Eclipse Travel apart with Africa expert Hilary Dubyk: Travel Weekly TV

Join Hilary and Nancy on the couch in the weeks episode and learn a little more about why Hilary loves ‘the Mother Continent’ so much and why she thinks the expedition cruise space is one of the most exciting to watch in 2024. Hilary is an absolute Africa specialist who has found a home in […]

  • Destinations
  • Tourism

Surge in Australians visiting Japan

The number of Australians visiting Japan in the first quarter of 2024 increased by 46.3% compared to the same period in 2019, new data released by Japan National Tourism Organization (JNTO) shows. Visitor numbers in March alone were up a staggering 87.4% compared to March 2019. “These figures are fantastic to see and confirm what […]

  • Cruise
  • Luxury
  • News

Seabourn announces Western Kimberley Traditional Owners as Godparents of Seabourn Pursuit

Seabourn has named Western Kimberley Traditional Owners, the Wunambal Gaambera, as Godparents of the ultra-luxury purpose-built Seabourn Pursuit. It is the first cruise line to appoint Traditional Owners as godparents of a ship. Seabourn Pursuit embarks on its inaugural season in the Kimberley region this June. The naming ceremony will take place on Seabourn Pursuit’s […]

  • Luxury

Malolo Island Resort opens brand new Spa

Fiji’s Malolo Island has added another string to its bow – opening its $1.3 million day spa on Thursday, 18th April 2024. (Lead Image: matriarch Rosie Whitton with spa staff) Located at the edge of the resort’s luscious patch of tropical rainforest, the new “Leilani’s Spa” adds another level of elevated experiences to Malolo’s already […]