ATOL is a financial protection scheme operated and managed by the Civil Aviation Authority or in short the CAA.
All travel companies selling air holiday packages and flights in the UK are required by law to hold a licence called an Air Travel Organiser’s Licence (“ATOL”), which is granted after the company has met the CAA’s licensing requirements.
Each ATOL holder is issued with a unique ATOL number, which can be checked on the ATOL website, and must contribute to a protection fund called the Air Travel Trust (ATT).
In the event of an ATOL holder’s failure, the ATOL Scheme ensures customers who paid and contracted with the ATOL holder for an air holiday package or a flight, do not lose the money paid over or are not stranded abroad.
The ATOL Scheme does not cover bookings and payments made to airlines, or to airline agents where airline tickets or a similar airline booking confirmation has been issued.
Every Travel Trust Association member deposits your money into the Trust Account. A Trust Account is a bank account designated to hold the customers' money.
Your money remains in the Trust Account and is supervised by an appointed Trustee who is either a banker, chartered or certified accountant or a solicitor. Both the Travel Trust Association members AND the Trustee are required to authorise payments from the Trust Account.
In addition to being held in trust, you also have a financial guarantee from the Travel Trust Association.
TTA will guarantee the financial obligation of its Members up to a maximum any one passenger of £11,000. So if you paid £2000 we guarantee we will reimburse the loss of the £2000, where it is not available for you from the Trust Account.
Therefore, the Trust Account plus the guarantee will ensure that all the money which you have paid is safely protected and available to reimburse the money paid. When you make a booking, you will be supplied with a guarantee certificate – you can see the terms of our guarantee on our website www.traveltrust.co.uk/guarantee.
Should the TTA member become insolvent, in most instances your money will still be held within the TTA member’s Trust Account by the designated Trustee, and available to pay for your holiday. If because of fraud or dishonesty the money is not there, then the guarantee is available to reimburse your loss. In some cases your holiday may continue as the providers or suppliers have already been paid. Where you have only paid a deposit and still have an outstanding balance, your holiday may be unaffected and by paying the balance your holiday will continue as planned. Where possible, attempts will be made to ensure that you can carry on with your original holiday arrangements.
Global Travel Group...
Established to provide people from various backgrounds and experience with the opportunity to start their own travel agencies. The Global Travel Group has grown in strength from its early days and now has won numerous accolades along the way. They are now the largest independent UK travel chain. All members enjoy fantastic commercial terms with leading suppliers, award winning in-house technology and the all important ATOL bonding, which allows our members to dynamically package and tailor holidays to their client’s needs.
More recently in early 2008, The Global Travel Group was acquired by a major global player in the Travel Market - Stella Travel Services UK whose portfolio includes Travel 2 Ltd and Travel Bag Ltd. Since this exciting change, general operations have not changed however the buying power has increased and our commercial terms have never been better.
IATA is an international trade body, created over 60 years ago by a group of airlines. Today, IATA represents some 230 airlines comprising 93% of scheduled international air traffic. The organization also represents, leads and serves the airline industry in general.
PTS travel trust solution offers comprehensive protection for both consumers and travel businesses. It ensures compliance with full package travel regulations, conducts daily reconciliation, provides flexible financial management, and employs expert track-and-trace capabilities for each individual booking. As the most secure trust account solution in the travel industry, it guarantees the utmost security.
Consumers are fully safeguarded thanks to their independent trust account and dedicated trustees. None of their funds are released from the trust unless it is for their holiday expenses and only after they have safely returned home.
Travel businesses enjoy security and protection through PTR compliance, trust account, and insurance. In the event that funds are withdrawn early, they will not bear any financial burden concerning holiday-related issues.