TICO's fee review and funding framework proposal
The COVID-19 pandemic has devastated Ontario’s travel marketplace. TICO’s consumer protection role during this period has also been challenged. Following a series of communications and regulatory amendments, which came into effect March 30 and December 1, 2020, registrants have experienced reduced reporting requirements and renewal fee and payment waivers owing TICO through to March 31, 2022. There was also an extension for two additional years, until March 31, 2024, for customers to claim against the Compensation Fund under certain conditions. The pandemic has also highlighted issues and challenges associated with the current funding framework and fee model.
A review of the funding and fee model has been completed and subject to input, TICO is proposing changes aimed at improving transparency, fairness and equity for fees charged to registrants.
Registrant feedback and input are critical components in shaping TICO’s future funding model in support of its consumer protection mandate. TICO coordinated a consultation period for registrants and other stakeholders that ran from August 25, 2021 through to October 15, 2021. The consultation consisted of seven virtual sessions where participants were encouraged to provide their honest input into the proposal. A dedicated email was also established for additional feedback as part of the consultation process: feereview@tico.ca. Each session was well attended with spirited conversation and the sharing of important industry insights. Please know that TICO is empathetic to the extreme financial circumstances that most registrants are facing as the industry struggles with recovery. We will continue to bring your concerns to the attention of the Board of Directors and the Ministry to ensure your voices are heard.