CHANGE ACCOUNTING RULES TO PROTECT CONSUMERS

CHANGE ACCOUNTING RULES TO PROTECT CONSUMERS

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Suleman Chaudhry started this petition to Regulatory Authorities

With the recent demise of Thomas Cook and other Travel & Tourism related business failures in the past, this is about time that the regulatory authorities played their part in protecting the public from the failure of these companies.

The reason for this petition is to campaign to change the accounting rules for businesses in this industry. The rules will make it mandatory for all such businesses to keep holiday makers’ deposits and payments in separate bank account termed as Client accounts. The businesses will only be allowed withdrawal of  their profit element from these funds and the rest will be kept to service holidays that people have paid for. It is worth noting that such accounting rules exist for law firms where all clients funds are kept in dedicated business client accounts. The lawyers have no right on such funds except to the extent of drawing their fee and disbursements.

Why can’t these rules be extended to businesses such as tour operators who receive funds from holiday makers to pass onto the providers of such services. This way public funds will be protected at all times and failing business will stop people to be left stranded abroad at very short notice. The government will also be free from having to repatriate these people.

We demand action from relevant government bodies, accounting bodies and regulatory bodies.

 

 

 

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