The Travel Compensation Fund (TCF) has reported a sound financial position with reserves at $30.24 million in a summary of matters and outcomes report detailing financial and statistical information at 31 October 2011.
TCF reported a participation of 3,042 head office locations and 1,664 branch locations as active participants, which is down on numbers compared to last year. There were 152 head office and 132 branch approvals for the year. To date there have been 169 head office and 74 branch terminations.
The total value of guarantees held is down $7 million dollars to last year at $73.8 million, reflecting the lower number of agents requiring a guarantee under the TCF Financial Criteria. The Criteria was amended to allow a majority of participants with a turnover under $1 million not being required to lodge audited accounts, saving some agents approximately $2000 on audit costs.
In 2011 there were 18 agent collapses with 297 claims totalling over $1.14 million. One claim approved by the Board under Clause 15.2 of the TCF Trust Deed was in excess of $25,000, against Harvey World Travel Broadbeach which collapsed in August 2011.After non-payment, the consolidator cancelled the booking, with the claim covering two multi sector international first class air fares that were refinanced by the claimant.
Source = e-Travel Blackboard: K.W