Wells warns of confidence decline

Wells warns of confidence decline
By admin


Travel Compensation Fund chief executive Glen Wells has described the vote to approve radical reform of the industry – which includes an end of the TCF – as "extremely disappointing".

He warned the industry that consumers could lose confidence in dealing with travel agents when financial protection is removed.

"As far as I am concerned, the transition plan lacks any credibility for showing where consumers are going to have protection," Wells told Travel Today. "The confidence in dealing with agents will change because there is no consumer protection."

He said the TCF has paid out $6m in compensation this year and $60m since the fund was created, money which generally finds its way back into the industry.

In the absence of a TCF, consumers will not be refunded and consequently will not re-book a holiday, Wells said.

"I have claims of $30,000 and $40,000 from the Classic International Cruises collapse," he explained. "Some have borrowed that money so they wouldn't be able to take a holiday for at least a couple of years. Tha would be the downfall of not having a TCF."

Removing the need to provide an annual financial return will also remove one of the only ways a business understands its true financial position, Wells said.

 

 

 

 

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

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