TTA: We’ll continue to offer cheaper protection
Thursday, 15 Oct, 2009
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Travel Trust Association director Gary Lewis has told members that it will continue to offer them the most viable form of financial protection in the future.
It emerged yesterday, in the court case between the Civil Aviation Authority and Travel Republic, that the TTA’s T-Atol agreement with the CAA was illegal. The T-Atol holder puts all customers’ money into its trust account and the TTA gives the financial guarantee to the customer.
The agreement ended in May and a new contract is being drawn up between the CAA/Air Travel Trust, which may not be concluded until the outcome of the court case is known. In the meantime, TTA members and their customers are financially protected.
Lewis said that in the future, members would continue to find it cheaper to gain protection with the TTA, rather than obtaining an ATOL direct from the CAA.
“The T-Atol will be a solution for businesses that are currently dynamically packaging,” said Lewis.
“There will be a benefit to members because they won’t need their own bond and there will be no net-free asset requirement."
Jeremy Skidmore
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