Oz timeshare operators facing commission crisis

Australian timeshare operators are facing new laws that could wipe out commissions … leaving them to face an “immediate and devastating” threat, they say.

Government-proposed Future of Financial Advice reforms would ban financial advisers from taking conflicted forms of payment, including commissions and volume-based payments.

In Australia timeshare products are regulated as managed investment schemes, with operators needing to hold financial services licences. Commissions are commonly used as an incentive in the sector.

And Barry Robinson, chief executive of Wyndham Vacation Resorts, said that timeshare operators could be “very detrimental” for the sector if the proposals become legislature.

Source: OPP.org.uk