TICO Returns $1.7 Million in Registrant Deposits

The Travel Industry Council of Ontario (TICO) released its quarterly report today (July 15), detailing its progress on addressing the Auditor General recommendations.

Back in December, the Ontario Auditor General Office (OAGO) released a value-for-money audit of TICO, the government-mandated body responsible for administering the province’s travel regulations and the Travel Compensation fund.

The report found that TICO’s structure and responsibilities “have remained largely unchanged” since 1997, despite significant changes to the travel industry as a whole. OAGA made 16 recommendations in the report, with nine directed at TICO.

The audit flagged issues like the compensation fund being used to cover TICO’s operating costs and $2 million in registrant security deposits withheld past two years. In May, TICO released a Public Action Plan to address these concerns.

According to the quarterly report, TICO has successfully addressed 17% of OAGO’s action items, and is on track to complete another 62%. This information is based on a self-assessment.

As of May 31, 2024, TICO has released 86% ($1.7 million) in security deposits held for more than two years, and has developed a policy to address unclaimed security deposits. The organization also developed new internal procedures to establish a “reasonable target timeframe to review and return registrant security deposits.”

TICO has updated its application form to meet OAGA’s recommendation as well.