Travel industry guarantee fund takes over payments to FTI Touristik
Published: Friday, Jun 7th 2024, 16:40
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The guarantee fund of the Swiss travel industry is accommodating the customers of the bankrupt German company FTI. It is voluntarily accepting payments from end customers to the Swiss FTI subsidiary FTI Touristik AG, even though it is not yet bankrupt.
The Board of Trustees of the Guarantee Fund has decided on this special arrangement to bridge the period between the bankruptcy of FTI Touristik GmbH in Germany on June 3, 2024 and a possible bankruptcy of FTI Touristik AG in Switzerland, as the fund announced on Friday. Its aim is to support customers in "this difficult, challenging and confusing time".
Specifically, the guarantee fund will assume the payments made by the end customer - directly or via an agent - to FTI Touristik AG for package tour bookings that were canceled by FTI after June 3 and could not be refunded in time before the bankruptcy. The same applies to package tours that were not carried out after the bankruptcy of FTI Touristik GmbH on June 3.
In addition, the guarantee fund will cover the costs of the stay or return journey paid by end customers directly at the destination for FTI Touristik AG package tours following the bankruptcy of FTI Touristik GmbH on June 3. These guarantees apply to all travel agencies and customers with customer money protection insurance recognized by the Swiss Travel Association (SRV), provided that the respective claims are justified and verifiable.
Special regulations also apply to travel agencies that only participate in the guarantee fund. These special regulations do not apply to customers of travel agencies without SRV-recognized customer money protection. They will only receive protection from the actual date of bankruptcy of FTI Touristik AG.
Customers will also have to pay any additional costs incurred when rebooking with another tour operator, the statement continues.
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