Ever-evolving, TravelManagers has done it again, this time with the launch of TCF. TCF does not stand for Travellers Comes First (though it could); instead, it’s the all-new TravelManagers Customer Fund, providing additional consumer protection. It’s another layer to the company’s Peace of Mind promise.
With a focus on the big picture, TravelManagers’ Chief Operating Officer, Grant Campbell, says that they have created a system built on three levels of protection that help agents book their clients’ travel with confidence. Each of these layers of financial protection help shield clients from holiday losses, including insolvency from airlines, tour operators, cruises companies, and hotels. A necessary consideration given our recent pandemic ‘shake-up’ and the subsequent fall out.
Out with the old (TCF), in with the new
Remember the disbanded government-legislated Travel Compensation Fund (also known as TCF)? Removed to much industry disgruntlement in 2014, TravelManagers’ industry-leading TCF is a replacement of that original government support.
TravelManagers’ Director, Barry Mayo comments, “As a business we truly valued the protection offered by the legislated, industry-wide Travel Compensation Fund which is why we advocated for its retention.” He continues. “Whilst we acknowledged the reasons it was discontinued, 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.”
An industry-leading guarantee
With the funds ring-fenced by TravelManagers’ general accounts, TCF has been established as a separate company with its own directors and an accumulated $650,000, a figure set to increase to $1 million by December 2023. Through this sizeable new fund, TCF can provide an additional tier to the company’s existing consumer protection. Together it creates an industry-leading guarantee with three separate, transparent and verifiable layers.
Grant Campbell shares, “In addition to the TCF, client payments must be by credit card or direct bank deposit with funds paid directly into a dedicated Client Trust account,” he explains. “Held in trust until payment is made directly to the supplier, we have the additional protection of a Trust Account Fidelity Risk insurance (TACTAFI). This policy protects client funds in the unlikely event that they are missing from, or not paid into the Insured Trust Account due to fraudulent or dishonest activity.” Together, these steps allow wary post-pandemic travellers to book once again with confidence.
Campbell notes that TravelManagers’ Client Trust account has operated uninterrupted since the company was acquired by House of Travel in 2007 and has been subject to quarterly external audits which are published on the company’s website since 2014.
TravelManagers’ personal travel managers (PTMs) receive cover from the company’s Credit Card Chargeback Insurance (CCCBI), which help protect from loss in the event that a supplier collapse results in any chargebacks.
Unique to the Australian market
Campbell believes this multi-layered and transparent system which affords the TravelManagers’ ‘Peace of Mind’ Promise is unique in the Australian market. “We believe we are the only travel company in the world that has voluntarily had its client trust account independently audited, with each audit published on its website. Other travel brands may claim to have their own versions of a ‘Peace of Mind’ promise, but a lack of transparency makes it difficult to determine their mechanics or effectiveness.”
“From quarterly published audits to a complete list of approved suppliers, available on our website, clients and PTMs are fully informed of the protections that cocoon their travel transactions every step of the way,” Campbell concludes.
‘Peace of Mind’ a major factor
The thought of telling clients about bankrupt travel businesses and lost money is one that haunts many home-based advisors, agency owners, or franchisees. TravelManagers’ Peace of Mind promise not only helps hold client relationships in good stead with this extra guarantee, but also demonstrates the level of support the PTMs receive from TravelManagers.
Cathy Moir, a Gymea Bay PTM, says the transparency and thoroughness of the elements that comprised TravelManagers’ ‘Peace of Mind’ were major factors in her decision when she joined the network of home-based travel professionals.
“There will always be uncertainty and volatility in global financial circumstances to contend with in a business environment,” she explains, “so for me, it was essential to align with a travel brand that places such strong emphasis on protecting the interests of its people and customers. The TravelManagers Customer Fund slots into place like the final piece of a puzzle that was started fifteen years ago.”
Want more info?
To discover more about TravelManagers Customer Fund or ‘Peace of Mind’ promise, or to enquire about joining as a PTM, contact Graciela Craig on 02 8062 6400.