Sharecast News
16 Sep, 2020 08:52 16 Sep, 2020 08:52

TUI to refund customers after regulator steps in

ep aviones de tui
Aviones de TUIHauke-Christian Dittrich/dpa

TUI has promised to refund all UK customers for holidays cancelled because of Coronavirus by the end of the month after the regulator stepped in.

The Competition and Markets Authority said it investigated TUI after receiving thousands of complaints from people who had not received refunds within 14 days, as required by the law.

The CMA said most people had received refunds or rebooked during its investigation and that any outstanding refunds would be paid by 30 September. Customers who accepted credit notes that have not been used will be able to exchange them for a cash refund, the CMA said.

The regulator said it wanted TUI to meet its obligations to customers in future and would monitor how quickly the company pays refunds over the next year. The agreement covers all TUI's UK package holiday businesses including First Choice, Marella Cruises, TUI Scene and Skytours.

Andrea Coscelli, the CMA's chief executive, said: "It's absolutely essential that people have trust and confidence when booking package holidays and know that if a cancellation is necessary as a result of coronavirus, businesses will give them a full, prompt refund. The CMA's action ensures that TUI UK customers will get their refunds by the end of the month."

Coscelli said the CMA had written to more than 100 holiday businesses about complying with consumer protection law and warned that it would clamp down on companies failing to refund customers promptly.

"The CMA is continuing to investigate package holiday firms in the context of the Covid-19 crisis," he said. "If we find that businesses are not complying with consumer protection law, we will not hesitate to take further action."

TUI shares fell 1.6% to 332.10p at 08:50 BST.

News Source: © 2020 Web Financial Group (UK) Limited. All rights reserved. Terms of use and legal notice

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

 

Important Legal Notice about News Sources

 

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.