Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

UK watchdog warns holiday companies over refunds as travel restarts

UK watchdog warns holiday companies over refunds as travel restarts

LONDON (Reuters) – Britain’s competition watchdog told package holiday companies on Thursday they must be ready to refund consumers if foreign trips this summer are cancelled by the coronavirus pandemic, after it received a barrage of complaints last year.

The Competition and Markets Authority (CMA) said it had taken steps to remind package travel operators of their legal obligations over refunds, seeking to avoid what happened last summer when cancelled trips resulted in 23,000 complaints.

TUI UK, one of Britain’s biggest package operators, has already improved the information it provides to customers and made it easier for them to get their money back after a slap on the wrist from the CMA.

Britain has said people can travel abroad again from May 17 but there are only a limited number of places where they can go without needing to quarantine on their return home. Portugal is the main holiday destination currently on the “green list”.

“We’re calling on package holiday companies to make the refund process less hassle in the future,” CMA chief executive Andrea Coscelli said in a statement.

The CMA said action it had already taken had helped refund more than 200 million pounds ($281 million) to customers.

Under package holiday rules, cancelled holidays must be refunded within 14 days and customers must be offered a refund, not just a credit note.

Authorities are worried there could be more cancellations this summer as many holiday companies are currently selling vacations to countries such as Spain and Greece which are now on Britain’s amber list for travel.

According to the government, people “should not travel to amber list countries or territories for leisure purposes”.

On the Beach, an online travel agent, said late on Wednesday that it would not be selling holidays for travel until September given ongoing pandemic uncertainty.

($1 = 0.7115 pounds)

(Reporting by Sarah Young; editing by Michael Holden)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post