TCF to review member fees

TCF to review member fees
By admin

The Travel Compensation Fund (TCF) is to analyse the fees paid by members in light of the “sound” financial position of the organisation, it has emerged.

The board of directors has initiated a review of the policy “relating to the level of current TCF fees and contributions levied on participants”.

According to a TCF briefing, It will include the “circumstances in which remission and refund of fees and contributions is made”.

“The board noted that such a review had not been done for some time and would be done against the background of the current TCF financial position,” it said.

That financial position “remains sound”. Reserves at May 31 were $31.6 million with all expenses below budget with the exception of legal costs. The TCF said hearings relating to ongoing recovery action accounted for those costs.

It put the higher operating surplus down to increased contribution income, legal recoveries, higher receipts from fees and penalties and a lower level of claims paid.

The TFC said there have been 44 head office terminations up to May 31, down 17% on the corresponding period in 2011. But branch terminations climbed 33% to 24. Five terminations were due to claims received.

Meanwhile, new chairwoman Fiona McLeod has met with almost all state ministers responsible for travel industry regulation.

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