The Air Travel Trust Fund (“ATT”) is the primary source of funding when an ATOL holder fails.
Monies from the ATT are used to meet refund and repatriation costs arising from a failure. The
Fund is administered on behalf of the Air Travel Trust (“ATT”) by the Consumer and Markets Group
(“CMG”) of the Civil Aviation Authority.
The Fund was established in the 1970’s by way of a levy on tour operators’ holidays. The levy
ceased in 1978, after which the Fund’s only income came from investments while it remained in
surplus. Following a number of large calls during the early 1990s the Fund had been in deficit
since 1996. As at
31 March 2018 the ATT fund had a surplus of £170 million.
The ATT is principally funded by ATOL Protection Contributions (APC). The Civil Aviation
(Contributions to the Air Travel Trust) Regulations 2007 enable the ATT to collect APCs from ATOL
Holders for each person who books air travel covered by an ATOL. An insurance policy and a credit
facility have been arranged to provide additional liquidity. In some failures the ATT may also
receive recoveries, such as bond monies
The Air Travel Trust (ATT) has published its Financial Statements for the year ended 31 March
2018, reporting a surplus of £170 million.
Travel businesses reminded to submit accurate ATOL applications before deadline: https://t.co/dWfdFR3ppq #ATOL #TravelIndustry
10 months ago
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