The CAA is asking whether they should adopt segregation of customer money as a mainstay of the ATOL system. ATOL trust accounts are likely to be here to stay. Serenity is an approved third party for the purposes of providing trustee services to ATOL holders wishing to use a travel trust account or travel escrow account to financially protect consumers’ money.
The Civil Aviation Authority is committed to promoting use of trust and escrow accounts as an alternative to an ATOL Bond or financial failure insurance for the purposes of providing consumer financial protection for flight inclusive travel arrangements. To that end, they have devised two standard trust structures for travel companies to use in support of an ATOL application.
If your ATOL is coming up for renewal, you may be asked by the Civil Aviation Authority to set up an ATOL trust account or ATOL escrow account as a condition of them renewing your ATOL.
We can hold your hand through this process, whether that is by being appointed as a trustee or just by offering trust support.