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TUI to pay all outstanding refunds by September after competition watchdog investigation

The Competition and Markets Authority received thousands of complaints from customers

TUI AG - TUI to pay all outstanding refunds by September after competition watchdog investigation

TUI AG (LON:TUI) is to pay all outstanding refunds for cancelled holidays by September 30 after an investigation by the UK competition watchdog.

The Competition and Markets Authority (CMA) said it received thousands of complaints from people who were not receiving refunds for their cancelled holidays within 14 days, which is the limit set by consumer protection law.

READ: TUI says rights issue an option after turnover tanks due to coronavirus

The CMA said the travel company engaged constructively throughout the investigation and the vast majority of people have already received their refunds or rebooked.

Following the delays, TUI will have to report regularly to the CMA over the coming year on the time it has taken to refund customers.

Last month, the Anglo-German tour operator posted a €2.3bn loss in the first nine months of its financial year to June 30.

Shares dipped 1% to 335.4p on Wednesday morning.

Quick facts: TUI AG

Price: 291.26 GBX

LSE:TUI
Market: LSE
Market Cap: £18.97 m
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