TATOC, the Timeshare Association, announces the launch of a new Code of Practice for re-sale companies

TATOC has announced the launch of a new Code of Practice specifically for timeshare re-sale companies. The new Code has been established to provide maximum consumer protection while providing a fair and equal opportunity for re-sale companies operating within the Code’s guidelines.

Worldwide Timeshare Hypermarket and Travel and Leisure Group, two of the UK’s largest timeshare re-sale organisations have already signed up to the Code.

The new Code of Practice requires re-sale companies to:

1. Operate with honesty and integrity, comply with all relevant European and national legislation and have a formal complaints handling procedure. They must provide written details of the sales procedure including the purchase price, all associated costs and any cooling-off period.

2. Provide information on the realistic re-sale value and the possibility of selling. They must offer a free listing service and explain the limitations of this service. Where additional, paid for services are offered, the company must explain these are optional and the respective benefits and costs.

3. Provide the purchaser with written information about the timeshare product including the exchange opportunities, current management fees, the first utilisation date and deposit payment procedures. All payments must be held by an independent third party.

4. Undertake good and fair marketing practices. Re-sale companies following the Code will not make unsolicited calls, state re-sale offers that do not exist, suggest unrealistic values, request any security or bond or take credit/debit card details before the sale is completed.

Phil Watson, Managing Director of Worldwide Timeshare Hypermarket, explained why he supported the new Code. "TATOC is going from strength to strength and Worldwide Timeshare Hypermarket is very happy to be associated with them. The TATOC re-sale Code of Practice has been a little while in the making but it had to be, to ensure that it covered all the bases. As Europe's leading re-sale company we are more than happy to give our full support to this new initiative and agree that this is a great step forward in protecting the general public from the rogue companies that are out there. What’s next, a Kite Mark?"

Travel and Leisure Group’s managing director Maria Mills-Farinas agrees. “We welcome the TATOC initiative in developing and implementing a new code of ethics which can only be a major step forward in industry regulation and consumer protection”.

Harry Taylor, CEO of TATOC gave further details about the new Code. “We hope that with this Code of Practice we can provide consumers who request re-sale information the details of reputable re-sales companies. TATOC will continue to monitor compliance at appropriate times and cancel affiliation if any breach of the Code is discovered”.

To sign up to the Code of Practice, re-sale companies must first be affiliated to TATOC. Re-sale companies that have been affiliated to TATOC for a minimum period of six months may apply to become a TATOC Accredited Re-sale Company. For further information on TATOC Affiliation please visit the website, www.timeshareassociation.org