Barclays offers alternative to ATOL for small operators
Some tour operators will be able to provide financial protection for their clients through Barclays after the bank reached an agreement with the Civil Aviation Authority. With immediate effect, Barclays is able to provide protection for a limited number of air travel organiser’s licence holders as a replacement for the ATOL bond. Under the terms of the new agreement, Barclays will take responsibility for giving refunds to customers of failed ATOL holders who are members of their scheme. It will also provide funds to the CAA to cover the cost of repatriation of customers. ATOL holders which join the Barclays scheme will not be required to provide a bond to the CAA. The deal will only be available to small operators where the licence covers a maximum of 500 passengers per year. Barclays will soon be inviting companies to apply to join its scheme and plans to offer them a package of banking, credit card and air travel financial protection arrangements. ATOL manager Simon Froome said: “This is a further extension of our plan to allow third parties to provide alternative financial protection schemes for passengers, rather than the normal ATOL bond. We think it is important for ATOL holders to have a choice where arrangements can be put in place which provide the same level of protection to the public. “The agreement with Barclays means that the refund and repatriation arrangements are identical to those which customers would be entitled to under the usual ATOL bond. Consequently, the position of the ATOL-protected passenger remains unchanged and, in addition, the CAA believes that the arrangements being offered will result in benefits for smaller ATOL holders.”
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