TravelManagers adds ‘TCF’ to Consumer Protection Promise.
TravelManagers has just announced the launch of the new TravelManagers Customer Fund (TCF), the last piece of the puzzle in the company’s system of protections which shield clients from financial losses that could result from the insolvency of scheduled airlines and end suppliers.
The initiative aims to replace the protection provided by the government-legislated Travel Compensation Fund prior to it being disbanded in June 2014.
Chief Operating Officer, Grant Campbell, said the TravelManagers TCF had accumulated $650,000 since it was established in December 2019, with that figure set to increase to $1 million by December next year.
“The fund has been ringfenced from TravelManagers’ general accounts by the establishment of a separate company with its own directors – an important element which upholds our commitment to governance and fiscal responsibility,” he said.
Director Barry Mayo said “as a business we truly valued the protection offered by the Government-legislated industry-wide Travel Compensation Fund which is why we advocated for its retention…whilst we acknowledged the reasons it was discontinued, and we were subsequently endorsed by the AFTA Travel Accreditation Scheme (ATAS) which succeeded it, the resulting reduction in consumer protection motivated us to create our own, additional system of protections in support of AFTA’s position on self-regulation.”
More details in today’s issue of Travel Daily.