Despite pressure from ACTA and CATO for more transparency over TICO's review of its funding framework and fee model, TICO CEO Richard Smart says it would be "premature" to release information on an "incomplete" process.
TICO initiated the review last fall. Optimus SBR, an Ontario-based consulting firm, was tasked with leading the review, which covers TICO's funding framework for regulatory services, the Compensation Fund and associated contributions.
In the final months of 2022 and through the early part of 2023, Optimus SBR analyzed TICO's existing funding framework, fee structure and the Compensation Fund. Feedback was gathered from stakeholders, registrants, and Ontario consumers. More information about this stage can be found here.
At the conclusion of the review this spring, Optimus SBR prepared recommendations for TICO's future funding framework and the Compensation Fund. While the industry is keen to learn the results, Smart says the required process must be followed.
"We understand the industry's keen anticipation for the review's outcome. While we are equally eager to disclose the findings, we are currently finalizing our fee review analysis (business case), which will be submitted to the Ministry of Public and Business Service Delivery prior to launching consultations," says Smart.
"It would be premature to share incomplete information at this stage."
IMAGE: Travel Industry Council of Ontario (Image courtesy of Travel Industry Council of Ontario - TICO) (Travel Industry Council of Ontario / TICO)
Smart says any changes to registrant fees must follow a thorough process and criteria, as outlined in the Administrative Agreement (Agreement) between TICO and the Minister of Public and Business Service Delivery (click here to view).
The business case is subject to final approval by TICO's Board of Directors and will be submitted to the Ministry of Public and Business Service Delivery, in accordance with the Agreement.
The TICO leader says the organization's future funding model will be premised on a set of "well-founded guiding principles that strive to achieve fairness, simplicity, efficiency and enhanced transparency."
Smart says a comprehensive consultation is expected to begin this fall, inviting all registrants and stakeholders to provide their feedback to TICO through both in-person and virtual sessions. Details will be shared in advance.
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