Message from the CEO
Spring is in the air, and so is a renewed sense of optimism for the ongoing recovery of Ontario’s travel sector.
Despite the current economic challenges, there is a strong desire by consumers to reconnect with family and friends, to explore new destinations and to embrace new experiences. Intense consumer demand, and a heightened appreciation for the value of travel agents, makes it an exciting time to be part of this industry. Consumer Protection Consumer protection is at the core of our mandate at TICO. We recognize that consumers are acutely aware of the challenges within the travel environment post-pandemic.
There are high expectations for timely communication and the ability to resolve any bumps in the road.
Our latest consumer survey (see page 5) unveiled Ontarians’ most pressing travel concerns. We’re sharing the survey results with all of you, as there may be new opportunities to tailor your services to address consumer concerns. Similarly, our latest registrant survey asked about registrants’ biggest challenges and opportunities throughout the recovery process. See page 4 for the results.
Even though the road to recovery has experienced bumps along the way, more than half of Ontarians surveyed continue to have trust in the travel industry, while 7-in-10 consumers see value in travel agencies/advisors. Further, the majority of consumers agreed in the value of a regulated marketplace in Ontario for their travel bookings.
Ongoing funding model review One of our key priorities in the coming months is to continue our work towards a new funding framework and fee model. Work is underway to finalize a recommended approach for the future of TICO’s funding of regulatory services and to ensure the Compensation Fund has appropriate funds for future claims.
We are committed to engaging with all industry stakeholders later this year to ensure that any changes to our funding model are equitable, transparent, and sustainable.
The year ahead for TICO
We look forward to seeing you at TICO’s Annual General Meeting on September 26th. More details to follow soon.
As we continue to evolve towards the “new normal”, we look forward to further engaging with the industry throughout the year. Stay tuned for more details in the coming months!
Richard Smart, CEO