The results of the Travel Compensation Fund’s (TCF) board meeting have triggered a decision to review the policies regarding the current level of fees and contributions paid by members.
The review, which the Board noted “had not been done for some time”, will be completed against the background of TCF’s current financial position.
The financial position of the industry remains positive with more than 80 percent of agents recording a profit, compared to 77 percent in 2010, according to a briefing released by the TCF.
There has also been a recorded reduction in securities provided to the TCF.
TCF’s current financial position is holding strong with “reserves at 31 May at $31.6 million”, the report said.
Reasons for the high operating surplus can be contributed to “legal recoveries, higher receipts from fees and penalties, interest income made off investments, increased contributions income and a lower level of claims paid”.
The report also recounted a lift in activity for 2012, with 22 percent and 41 percent year-on-year increases in head office and branch approvals respectively.In related news, TCF chairperson Fiona McLeod “has almost completed meeting the relevant State Ministers who are responsible for travel industry regulation”.
Source = e-Travel Blackboard: P.T