Britain’s competition regulator announced it will refund customers for COVID-19 cancelled holidays by September 30, after it investigated consumer complaints that travel companies were dragging their heels over returning cash, reported Reuters.
Under consumer protection law, holiday firms must refund customers for cancelled holidays within 14 days, but during the pandemic the high volume of refunds and strained company finances slowed the return of monies owed.
The UK’s Competition and Markets Authority announced on Wednesday, September 16, that it investigated TUI UK, part of Germany-based TUI, which is the world’s largest holiday group, following thousands of complaints from customers waiting more than 14 days for refunds.
Consumer group Which? stated that holidaymakers are still owed millions of pounds for cancelled holidays and flights, and the CMA stated on Wednesday it had written to over 100 package holiday businesses to remind them of their obligations on refunds.
TUI UK has now agreed to pay outstanding refund requests by the end of this month and will also contact customers who have been issued a credit note to advise them that they can convert it to a refund if they want.
The cash-strapped company has received emergency loans from the German government, and said it is considering raising new equity from shareholders or selling off parts of the business to reduce debt taken on to survive the coronavirus pandemic.
The CMA also said that TUI will report to it regularly over the coming year on the time it takes to refund customers.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
CVS Health Explores Potential Breakup Amid Investor Pressure: Report
Oct 3, 2024 by
CPI
DirecTV Acquires Dish TV, Creating 20 Million-Subscriber Powerhouse
Oct 3, 2024 by
CPI
South Korea Fines Kakao Mobility $54.8 Million for Anti-Competitive Practices
Oct 3, 2024 by
CPI
Google Offers Settlement in India’s Antitrust Case Regarding Smart TVs
Oct 3, 2024 by
CPI
Attorney Challenges NCAA’s $2.78 Billion Settlement in Landmark Antitrust Cases
Oct 3, 2024 by
nhoch@pymnts.com
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh