The CAA is consulting industry on proposals to rebalance the regulatory approach to the Air Travel Organisers’ Licensing (ATOL) scheme.
This will extend the risk-based regulatory approach now well established with larger licence holders, help reduce the likelihood of consumers being affected by insolvency and provide further protection against calls on the Air Travel Trust (ATT).
The consultation document can be found on the CAA website
The CAA says, "The changes proposed have the potential to bring significant benefits to the ATOL scheme as a whole and the consumers that it protects. They will affect all ATOL holders – particularly Small Business ATOL holders - and firms applying for an ATOL for the first time."
The main proposals to be aware of are:
• The withdrawal of the Small Business ATOL (SBA) scheme;
• The adoption of a more risk-based method of financial assessment for ATOL holders with licensable revenue of less than £5million;
• The introduction of revised assurance reporting arrangements;
• The development of online facilities which will enable ATOL holders to access self-service and self-assessment services in conjunction with the other changes.
The closing date for responses is 6 October and the CAA is keen to hear your views.
ACCA will be responding to this consultation and if you would like to send us your views, please email advisory@accaglobal.com
If you wish to respond to the CAA directly, you can do so by emailing consultations@caa.co.uk