TICO unveils new trust accounting option for wholesale registrants

TICO hosting Sept. 12 webinar to explain by-law changes

TORONTO — TICO is planning to host an informational webinar, aimed at giving TICO registrants and stakeholders an opportunity to learn more about recent by-law changes.

The webinar will take place Tues. Sept. 12, 2023, from 3 – 4 p.m.

TICO is making good on its promise to keep the industry in the loop after the Ontario government’s Minister of Public and Business Service Delivery served five orders to TICO, on Aug. 11, to make changes to its governance structure.

To implement the Minister’s orders, TICO is making the necessary changes to its by-laws. Click here for a copy of the amended by-laws.

The five orders, outlined in full here, are …

  • Decrease the number of Board members from 11 to 9;
  • Ensure all Board members possess a positive orientation for proactive consumer protection initiatives;
  • Ensure no more than 34% of the members of the Board are drawn from the travel agent and travel wholesaler industry;
  • Establish a nominations committee with requirements around eligibility criteria for nominated Board members; and
  • Establish an industry advisory council, comprised of members representing the interests of travel agents and travel wholesalers to report to and advise the Board.

Earlier this summer both ACTA and CATO temporarily withdrew their appointees from the TICO board – until the TICO AGM this Sept. 26, or until they were given a copy of TICO’s recommendations to the Ontario government on TICO’s future fee structure and Comp Fund funding. Tensions have been simmering for months as ACTA and CATO have demanded more transparency on potential changes to the Comp Fund model, which has been under review since fall 2022. TICO has long maintained that any potential changes to the funding model must be reviewed by the Ontario government first, before they’re made public to anyone.

ACTA and CATO have also requested a meeting with Minister of Public and Business Service Delivery of Ontario, Kaleed Rasheed, to discuss the funding model before TICO’s consultation with registrants and stakeholders takes place this fall.

Last month TICO CEO Richard Smart issued a statement, stating that TICO’s goal is to create an equitable, sustainable and easy-to-administer model for the Comp Fund, one that continues to provide support to consumers in need. Smart said TICO understands there is apprehension regarding future fees, and that TICO also understands the industry’s challenges and the need for flexibility in recovering costs. “We are on the same side,” he said.

Anyone interested in registering for the by-law webinar can do so here.

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