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TORONTO — Although ACTA has welcomed yesterday’s news of changes to the Travel Industry Act, it still remains “very concerned” with the current funding model for the Consumer Compensation Fund.
The Ontario government announced on March 31 several amendments to the Act due to the COVID-19 crisis, which include a time-limited exemption that would allow registrants to choose to provide only a voucher in the event a supplier fails to provide travel services, as well as expanded eligibility for the Comp Fund to cover consumers with vouchers who do not receive their travel services.
These amendments, says Wendy Paradis, President of ACTA, have been long-awaited and advocated for by ACTA.
“These changes will bring much needed relief to our travel agency members, including the removal of Audited Financial Statements and Review Engagement requirements for smaller registrants (under $2M) during this critical time,” she says.
But glaringly missing from the amendments were any change to the funding model for the Comp Fund.
“ACTA remains very concerned with the funding model of the Travel Industry Consumer Compensation Fund,” adds Paradis. “The COVID-19 pandemic has highlighted the vulnerability of the significantly inadequate Fund, and as such ACTA will continue to lobby for recommended changes for the benefit of Ontario Travel Agencies and the consumers they represent.”