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Travel Trust Association – 100% Financial Protection

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Atol Protection when you book a flight inclusive package

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FINANCIAL PROTECTION

Our Local Tour Ltd is a member of the Travel Trust Association. Our membership number is X0250  

The Travel Trust Association is a travel trade association and members consist of travel agents, tour operators and travel organisers. The Travel Trust Association (TTA) exists in order to protect you, the customer, with 100% financial protection and has been doing so for over 20 years. This means that every penny you pay to a TTA member is protected by the mechanisms put in place by the Travel Trust Association.

Check our membership here - https://www.thetravelnetworkgroup.co.uk/verify_member

How does the Travel Trust Association provide 100% financial protection for me?

Insolvency protection is provided for package holidays and single travel services (e.g. accommodation-only), as described below. In addition to this insolvency protection, customers of TTA Members also have the benefit of fraud protection, which we described further below.

Package holiday protection

If you have booked a package holiday including a flight, your booking will be ATOL protected and your ATOL Certificate will set out what is protected. Our ATOL number is 12357 . In the event of the failure of the TTA Member, arrangements will be made by the Travel Trust Association to enable your holiday to go ahead, or alternatively for you to be refunded and/or repatriated. Further information on ATOL protection can be found on the Civil Aviation Authority’s website ( click here ).

If you have booked a package holiday which does not include a flight then all payments made to a TTA Member for that package holiday are paid by that TTA Member into a specially designated Trust Account. In other words, when you pay Our Local Tour Ltd, it will place all payments in the Our Local Tour Ltd Trust Account. Credit Card Payments are automatically deposited into the Trust Account via electronic processing.

A Trust Account is a bank account designated to hold customer money. Your money remains in the Trust Account, and is supervised by an appointed independent trustee who is either a banker, chartered or certified accountant or a solicitor. Both the TTA Member and the trustee are required to authorise payments from the trust account.

Once your payment is held in the Trust Account, it will only be released in limited circumstances. As such, if the TTA Member fails, these arrangements will enable your holiday to go ahead or for you to be refunded and/or repatriated.

Single travel services protection (e.g. for accommodation only)

All payments made to a TTA Member for single travel services (whether for transport, accommodation, entertainment or other activities) are paid by that TTA Member into a specially designated Trust Account in the same way as described above.

Once your payment is held in the Trust Account, it will only be released in limited circumstances. For instance, before the completion of your holiday, the money will only be released to pay for the services which you have booked, such as to pay the airline or the accommodation provider. Alternatively, the money can also be released on completion of your holiday or if you cancel your holiday. Remember that cancellation conditions will still apply.

These arrangements mean that, if the TTA Member fails, your suppliers will either already have been paid or the money will be available in the trust account to pay the suppliers of your holiday (so that the holiday can go ahead). Alternatively, if this is not possible then money in the trust account can be used to refund you.

Fraud protection

In addition to the insolvency protection described above, there is further protection against the risk of suppliers not being paid because of the fraud or dishonesty of a TTA Member or the trustee, up to a maximum of ÂŁ11,000 per booking. So if you paid ÂŁ2,000, which is not available in the Trust Account to pay suppliers due to the fraud or dishonesty of the TTA Member or the trustee, TTA guarantees to make up the loss of ÂŁ2,000.

When you make a booking, you will be supplied with a guarantee certificate which records who is protected by the guarantee. You can see the terms of our guarantee at www.Traveltrust.co.uk/guarantee

Travel with confidence

Traveltrust provides businesses and individuals with an unrivalled, personalized service in travel management. We navigate our way around complexity to offer maximum value and ultimate peace of mind.

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From searching for the best value for money, all the way through to loyalty point redemption and management, Traveltrust makes use of both the latest technology and privileged relationships with the majority of global airlines to make our travellers’ journeys as smooth and as pleasant as possible.

For more than 30 years, we have worked hard to build a portfolio of reliable contacts at a wide array of global hotels, allowing us to book our travellers at the most advantageous rate and ensuring the best quality of service.

As an alternative to a traditional hotel stay, Traveltrust offers a wide selection of corporate housing and extended stay properties.

Rail travel

Why not take the train to your next holiday destination or business meeting? Our agents can book any of the Railteam partners in Europe, Amtrak in the US, as well as several luxury and scenic rail experiences around the world.

Car rentals

Traveltrust has helped hundreds of satisfied clients rent the car they need at the most competitive prices. Through long-standing relationships with reliable partners around the world, Traveltrust will give you peace of mind when renting, no matter where the destination.

Our seasoned professionals have extensive experience in event management and can assist at all stages of an event. Creation and implementation of the event brief, site inspection, safety and security measures, procurement, scheduling and on-site logistics are just some of the aspects of event management that Traveltrust can execute.

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Anytime, anywhere

Our dedicated team are on hand 24/7 to ensure your travel requirements are met. Fluent in English, Spanish, French, German, Polish, Croatian & Mandarin, we strive to cater on a truly global perspective.

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HYBRID BOOKING PLATFORM

In addition to our live agent services, we use the latest technology to make booking travel and corporate policy adhesion faster and more convenient. Our hybrid travel booking package integrates the advanced booking and expense tracking technology of the Concur Online Booking Platform and App with our personalized live agent booking services. With this package, corporate travellers have the freedom of using either booking method as stipulated by their corporate policy.

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Features & benefits

Traveltrust is focused on simplifying our clients intricate travel requirements. Our constant investment in the latest technology ensures that Traveltrust are at the forefront of innovation within the travel management sector. This enables our clients to take advantage of a vast range of unique features and benefits, offering significant efficiencies throughout their entire travel process.

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Unused ticket mngr

Traveltrust notifies our clients of all unused tickets to reduce loss and save valuable travel budgets.

Efficient faring

Traveltrust’s vast industry experience and knowledge enables us to advise our clients with on the most efficient and effective ways to travel.

Quality control

Traveltrust integrates all existing status privileges, enabling our clients to travel in the comfort to which they are accustomed.

Trip alerts

Traveltrust’s clients are always kept up-to-date via trip alerts, detailing all of their upcoming travel arrangements in a clear and concise format.

Traveltrust offer 24/7 access to all your reporting data. We take advantage of over 600+ canned reports as well as the facility to develop custom reports to suit our client’s individual requirements.

Concur setup

Traveltrust offers comprehensive Concur setup, customization, training, implementation and support, ensuring travel policies and approval processes are monitored and maintained.

Optimum seating

Traveltrust continuously checks live flight reservations until departure. This offers our clients the ability to take advantage of the most desirable seating preferences available.

Fare monitor

Traveltrust automatically checks pre-ticket and ticketed reservations to determine the lowest fares available for our clients, up to the time of departure.

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Duty of care

With the help of Traveltrust’s state-of-the-art traveller security system, we make sure you have the tools to ensure you arrive safely and with minimal inconvenience. Drawing from our years of experience in the industry, Traveltrust agents offer knowledge and insights to avoid unnecessary disruption.

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Saving time, saving money

Tired of spending hours scouring the Internet for the best travel deals?  Traveltrust agents will take the legwork out of travel booking for you, giving you the best value for you money for your travel in the shortest time possible.

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Timeless experience

The Traveltrust legacy began in 1983. Since our conception, the business has consistently provided outstanding value and relentless commitment to all of its highly valued clients.  Our reputation has become synonymous with quality and value within the global travel industry. We are fortunate enough to assist some of the world’s leading organizations from a variety of industry sectors including finance, consulting, healthcare, technology, law and media. Traveltrust’s highly professional, devoted and passionate team are a true testament to our on-going ability to remain one of the most preferred global travel partners.

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Richard Meyerson President

Beginning his career as a tour operator and meeting coordinator in 1977, Richard has experienced first-hand the radical transformation of the travel industry over the past forty years. After settling in San Diego, Richard opened the first Traveltrust in 1982, and has worked hard to provide high-quality, comprehensive travel services to valued clients ever since. Richard’s hands-on leadership style and concern for employee well-being has also contributed to Traveltrust earning the distinction of one of San Diego’s premier companies to work for.

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Cynthia Nichols Vice President, Global Travel Services

After joining Traveltrust in 1994, Cynthia has become our quintessential leisure travel expert. Having graduated from the University of Southern California with a degree in International Relations and Political Science, Cynthia’s demonstrated passion for travel and her attention to detail has continuously set the standard for service at Traveltrust.

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Noah Meyerson Managing Director

Noah has had extensive experience in both the travel and finance industries. After graduating with a Bachelors in French from New York University, Noah spent several years in China, completing a Masters in Business Administration at Tsinghua University and familiarizing himself with China while working in the Chinese finance industry. Noah is currently based in London, UK bringing Traveltrust’s excellent service and reputation to Europe and Asia.

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Jill Goldberg-Johnson Executive Vice President

Jill joined Traveltrust in 1998 with a strong background in Sales, Training and Operations and has played a vital role in the company’s continued development. As the Vice President of Sales, Jill oversees sales and business development, working with her team to propel growth both domestically and internationally.

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Michelle Hogle Vice President, Operations

Michelle is responsible for staffing, facilities, human resources and much of Traveltrust’s management technology. She is highly detail oriented and works hard to accommodate the needs of clients, vendors and employees alike. Michelle is also a veteran of the industry, having worked in travel for over 29 years, 23 of these with Traveltrust.

Established globally

From our four global offices in the US, Europe and Asia, our travel experts offer superior travel services to clients from around the globe. We strive to overcome linguistic and cultural boundaries to make business and leisure travel easy and enjoyable.

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Where to find us, san diego, ca.

Phone 760.635.1700 Toll-free 800.792.4662 374 N Coast Highway 101 Encinitas, CA 92024 – USA

ST. PETERSBURG, FL

Phone 760.635.1700 111 2nd Ave NE, Ste 532 St. Petersburg, FL 33701 – USA

Suite 300, 500 King Street West, Toronto, ON, M5V 1L9 – Canada

Phone: +1 416 323 6606

35 New Broad Street, New Broad Street House, London EC2M 1NH – GB Phone +44.20.3290.9780

MANCHESTER, UK

Peter House, Oxford Street, Manchester M1 5AN – United Kingdom

Phone +44 161 504 0444

1 Denison St, North Sydney NSW 2060 – Australia

Phone: +61 (2) 72564415

Ground Floor, 90 Connaught Road Central, Sheung Wan – Hong Kong

Phone: +852 3426 4007

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  • Check for ATOL
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  • What is ATOL protection?
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What is ATOL?

If you’ve ever booked an air package trip before, you may have an understanding of what atol protection is – or, at least, have heard the name..

But, if you haven’t, it may be totally new to you or you may not be entirely sure what it means. Here, we’ve outlined everything you need to know.

What is ATOL and how does it protect you?

ATOL stands for Air Travel Organisers’ Licensing, and is a financial protection scheme that protects you and your money if the travel firm you booked with stops trading, before, or while you’re on holiday.

So, if they go out of business, you’ll be safe in the know that you’ll always get your money back, or a flight home if you’ve already jetted off on your break.

Usually, you’ll come across ATOL when you’re booking a package holiday, where you pay a set price for flights and a hotel, and this is likely where you’ll hear the term most frequently used.

That’s because, according to law, whether you book through a tour operator or travel agent (online or in person), any air package holiday sold in the UK must be ATOL protected.

Why was the ATOL scheme started and how is it funded?

ATOL was launched back in 1973, following a series of high-profile travel company failures. The scheme was put in place to protect you from losing significant amounts of money, and now protects millions of travellers every year.

The way it works is ATOL holders, who are licensed to sell ATOL protected trips, pay ÂŁ2.50 per traveller into a trust fund, which is used to repatriate, refund, or reimburse you if your travel operator stops trading .

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What does ATOL protection actually cover?

It’s important to bear in mind that ATOL protection is not the same thing as travel insurance. While ATOL will cover your travel if your operator stops trading, it won’t cover you for things like cancelled flights or changes made to your trip – so, it pays to make sure you have comprehensive travel insurance, too.

However, as ATOL protected package holidays are covered by package holiday regulations, you should be able to claim a refund through your tour operator if your flight is cancelled anyway.

Sometimes, the scheme will cover flight-only bookings, but this is rare and usually only applies on flights where you pay for your ticket in instalments, or don’t receive your ticket straight after payment.

If you have an issue with your holiday that isn’t linked to your ATOL Certificate or claim, be aware that you’ll need to contact your operator, as ATOL won’t be responsible for this.

If your complaint isn’t resolved, and the company is a member of either ABTA or the Travel Trust Association, you can always contact these associations for further guidance.

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How can I tell if something is ATOL protected?

As mentioned above, any package holiday sold in the UK should legally be ATOL protected. But, if you’re not entirely sure whether your trip comes under the scheme, there are ways to check .

First off, any company selling an ATOL protected trip should state that the package is ATOL protected before any payment is made, and will normally display the scheme’s logo on their website or in their shop window.

Once you have made any payments, (even if it’s not the full amount) you must receive an ATOL Certificate . This is will outline which parts of your holiday are ATOL protected and state the ATOL holder (usually the travel operator).

If you’re worried about being scammed, you can also check online to see if your provider is an ATOL holder.

What to do with your ATOL Certificate?

Once you’ve confirmed your trip is ATOL protected and you’re ready to take to the skies, don’t forget to take your Certificate with you, just in case any issues arise – it should be sent well in advance of your travel date.

While you’ll most likely be absolutely fine, in the rare case that something goes wrong, your Certificate is proof that the holiday or trip you booked is ATOL protected – and will include instructions on how to make a claim if the travel company goes out of business.

All you need to do is download it, or print off a physical copy and keep it in a safe place (such as with your other travel documentation). If you haven’t received the Certificate before departure, contact your travel agent or operator as soon as possible.

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Why your trip might not be ATOL protected?

If you’ve already booked your flight-based package holiday and suddenly realised it’s not ATOL protected, it’s important to find out why.

It may be because your travel agent, trip organiser or tour operator has booked your flights and hotel separately, meaning it doesn’t come under a traditional package holiday, or because the tour operator isn’t based in the UK.

In either case, check to make sure your travel insurance will cover you for any losses if any part of your holiday is affected by an operator that stops trading.

However, if you know your holiday is not ATOL protected or you’re having problems with a travel agent or operator that isn’t registered with ABTA or the Travel Trust Association, contact Citizen’s Advice online or by phone on 08454 040506.

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Everything You Need To Know About Travel Trust Accounts

While it caused a lot of havoc within the industry, the Covid pandemic shone a light on the state of financial protection in travel and highlighted the benefits of the trust solution to travel businesses, stakeholders and consumers. Though they still aren’t widely understood, travel trust accounts are a serious consideration for many businesses.

Following the fall of the Thomas Cook Group in 2019, the insurance industry suffered huge financial losses, exposing the risks, expenses, and lack of protection. This was further compounded during the Covid-19 pandemic, which made insurance nearly impossible to renew.

It was in 2020 that the pandemic helped reveal the true number of gaps in travel’s financial protection. While many travel companies couldn’t process refunds or went bust entirely, those protected under a trust account were proving to be more financially robust. Some travel companies that had adopted the trust account solution still suffered losses during the pandemic, but travel companies that operated under trust were in a far stronger position to navigate its challenges.

Despite this optimistic turnout, the term ‘trust account’ is still misused and misunderstood. Though consumers and businesses are more aware of trust accounts, questions are still being asked, and we are here to answer them.

What is a Travel Trust Account?

How does a travel trust account work, what are the rules and legislation around travel trust accounts, can you create your own travel trust account within your travel business, how are the trust rules documented, who are the stakeholders, who are the beneficiaries, who are the trustees, what is the importance of independent trustees to travel trust accounts, why are trust accounts a better option than insurance for package travel regulation (ptr) compliance, why are trust accounts a better option than bonding for package travel regulations (ptr) compliance, what happens if the client has an issue, affordability, access to currencies, package travel regulations (ptr) compliance, financial transparency, financial efficiency, easier access to merchant services, business efficiency, why work with protected trust services (pts).

In short, what you’re looking at is an outside trustee separating, storing, and protecting your client and stakeholder monies. Since the updated Package Travel Regulations 2018, a trust account must be completely independent to the travel business. Gone are the days where you could internally separate client monies in a client account.

Well managed trust accounts should commit to daily reconciliation. You should be able to track your business monies in real time – similarly to online banking. Protected Trust Services reconciles daily, and this is a key factor. Ensuring complete financial track and trace to all travel business members, consumers, suppliers, and stakeholders, allows for peace of mind and added security. The ability to track your company’s money with a daily reconciliation is something you should definitely confirm before committing to a trust account provider.

There are a range of ways that the money in a trust account is held, with a variety of structures. All of these fall under the term ‘travel trust account’ but not all are as thoroughly protected as others. In some cases, it is an independent bank account that is inaccessible to the trust account holder, in order to keep monies protected and separate to those involved in the trust account solution. This method is how Protected Trust Services (PTS) operates, with our independent trustees, Elman Wall . In other cases, it is with a trust account that is little more than a client account. At PTS, we do not believe that true protection is being provided if the trust monies are this easily accessible to the trust account holder.

As to the exact workings of each trust account, there are many elements of the process to consider, including what money goes into the trust, how differently you treat money in the trust account, etc. These questions are often determined by other external factors, such as who has control over the bank account, how much of the customer funds go into the account and whether the monies make a stop before they reach the trust account. A quick breakdown of the PTS trust account can be found in the diagram below

How The PTS Travel Trust Account Works

At PTS, our travel trust accounts provide a number of additional elements which are not common to all trust accounts. However, these provide greatly improved security, and we strongly believe that implementing them is crucial to ensuring a successful and thoroughly protected travel trust account system. These include:

  • Independent Trustees – Without having independent trustees to keep the money safe, there cannot be guaranteed financial security. If the money is in the account holder’s care, then it remains well within reach of those involved in the travel business. You can achieve a far greater level of protection, whilst substantially reducing the risk of fraud and misuse of funds, by placing the account in the hands of an independent and external party. It is our strongly held belief that in order to truly protect the monies in trust, the monies should not be controlled by any member of staff or director of the trust. The final payments should only ever be administered by an independent trustee separate to the trust business.
  • Pinpointed Track-and-Trace – At PTS, we use a track-and-trace system to keep track of your monies down to each individual booking. In a travel trust account system, this is crucial to be able to give everyone involved the confidence that their money is being watched over and protected.

In some cases, ATOL and Package Travel Regulations protected monies are treated differently regarding the level of protection they are afforded. However, at PTS we don’t believe in separate levels of protection for flight-inclusive holidays, so everyone receives the highest level of protection, regardless. Fundamentally, whether you are booking holidays with or without flights, you must still protect your monies as a travel business. This is imperative to ensure financial stability and peace of mind for the business owner.

Travel trust accounts are a recognised form of financial travel protection under the Package Travel Regulations 2018 alongside insurance. However, how the regulations apply and dictate the operation of financial protection differs from bond, to insurance, to trust. At PTS, we use supplier failure insurance (SFI) for any early payments that have to leave the trust account, thus some further regulations involving the use of both trust and insurance would apply.

Under the 2018 Package Travel Regulations, it is required that all traveller monies (or less if insurance regulations apply) are held in the United Kingdom or a member state, via a trustee. These are to be held by the trustee until either: –

  • The package has been fully performed.
  • Monies have been paid to a supplier whilst fully supported with SFI and SAFI.
  • Any monies have been returned to the traveller, or forfeited in the case of a cancellation by the traveller.

It is also specified in the Package Travel Regulations that the trust account holder must be separate to the organiser of the package. The organiser is the travel agent or tour operator that has created and/or sold the package to the traveller. However, the costs of the trust must be paid for by the organiser, not the independent trust account holder (which in this case, would be PTS).

Trust account systems are also of benefit to the consumer. Since, under the Package Travel Regulations 2018, if the organiser should go bust, all the monies paid into trust on behalf of the traveller must go towards the fulfilment of their package holiday, with any extra money going towards insolvency laws. This means that the consumer could still carry out their holiday without a hitch and may not even be aware that the organiser of their holiday has gone out of business.

There is relevant insurance that must be taken into consideration when working under a travel trust account. In accordance with the Package Travel Regulations, if an organiser is providing passenger transportation, they must invest in relevant insurance. PTS supports all members to ensure the required insurances are in place. This ensures that if the organiser should go bust, the insurer will repatriate the traveller, or provide any other transportation as necessary.

Running a trust account within the confines of your business does not constitute an independent trust account. If you are creating a ‘trust account’ through your business, for your business, then this effectively becomes a client account. This is a clear distinction that should be observed when you are looking into adopting the trust account solution. Because you are not separating the person profiting (you) from those paying (consumer) with a middleman (PTS), you are not guaranteeing protection to the consumer. Nor are you instilling trust, as fraudulent activity becomes possible. When the directors of the company have such access to all the money, it becomes a much more fragile system.

Instead, by working with a trust account holder like PTS, you are clearly demonstrating that you have no intention to lay hands on that money until the consumer has been fully provided for and protected during their holiday.

To ensure complete protection in a trust account solution, having a formal Trust Deed is vital to completing the process. This is the legal document that will ensure a firm structure of proceedings and will, with careful drafting, guarantee that the beneficiary and their funds are completely protected in all stages of the process. As with many contractual legal documents, the terms of a Trust Deed can be complex and long, ensuring that everything is covered without any loopholes or details missed. However, at a minimum, you should expect a Trust Deed to set out:

  • What money gets paid into trust
  • When that money gets paid into trust
  • What money can be released, including cancellations, refunds and other payments
  • Who the beneficiaries are
  • What will set off the release of trust funds to these beneficiaries

In short, this is the document that will state exactly how this trust system will be operated and how everyone is going to be protected in the face of any situation.

Who are the Stakeholders, Beneficiaries, and Trustees?

Put simply, a stakeholder is anyone who has an interest in the company. They are either affected by or affect the business, and are generally an investor, customer, employee, supplier, government, or trade association. In this case, the stakeholders are your holiday goers, service suppliers, travel agents, tour operators, insurance underwriters and merchant acquirers. The stakeholders are the parties that the trust account will protect. It is also worth noting that you will gain improved business insurance rates, as well as credit card and merchant fees, by joining a trust model. At PTS, all members enjoy financial savings with their stakeholders.

In the case of a trust account, the ultimate beneficiary is an important role to establish. This is the person who ultimately receives the money that has been directed through the trust account. For example, if you are the travel company and a consumer books a holiday with you, they pay the money to finance the holiday and this goes into the trust account. Because this is a trust account service, that money is first and foremost going towards paying the supplier for the holiday services. Therefore, in this example, the ultimate beneficiary is the supplier. Establishing this is important in the event of failure in the business. In the case that your company goes bust, knowing who the ultimate beneficiary is allows the trust to still provide the necessary payments to that beneficiary, so the fall of the business doesn’t affect them as well.

The trustees are those responsible for the funds, who make sure the trust account is operated in the best interests of the beneficiaries (the consumers and suppliers). The trustees are the ones that make sure the money is not misused or misappropriated, ensuring that the money is only going towards the purchase of the consumer’s holiday and paying the suppliers what they are owed. The Package Travel Regulations do not state any specific qualifications to be a trustee for a travel trust account. However, it is required that they are independent of those involved in the trust account (in this case, they should be independent of the travel company and PTS). There are, however, much stricter requirements for a trustee where ATOL protection is concerned. The CAA provide a small range of approved trustees that have travel industry knowledge and experience, alongside an approved level of Professional Indemnity (PI) insurance. Asking who the trustees are is an incredibly important question for you and your travel business.

At Protected Trust Services, we firmly believe in the assurance that trustees are independent and external to the trust account holders. This is why we appointed Elman Wall as our independent trustees, to guarantee protection and prevention of fraud. The use of independent trustees separates those involved in the trust solution and ensures all PTS members can have peace of mind that every length has been taken to ensure complete financial protection. This means that Protected Trust Services, as the account holder, do not have easy access to your money. PTS merely hold the account, providing all the information you need on your monies, as well as the technology to allow you to securely pay and organise your customers and supplier payments. Meanwhile, the independent trustee ensures that all money is secure and protected. Using an independent trustee adds an extra layer of protection that means no one involved in the business itself can simply use your money.

Why are Travel Trust Accounts the Best Option for Consumer Protection?

Though there are other methods of financial protection that are approved under the Package Travel Regulations, trust accounts are by far the most secure. With several layers of security between the consumer monies and the company, it provides complete trust between client and business.

As a tour operator looking for a protection solution that complies with the PTR, an insurance solution can seem like the way to go. However, in the long run it can often prove to be far less cost effective and much riskier than adopting the trust account solution. The issue with an insurance solution lies in whether the rates change. Especially during a time like the pandemic, higher risks in travel will cause the insurance providers to push up the premiums to compensate, which will cost you substantially more. Relying on these insurance solutions can also leave your business very vulnerable if the insurance provider goes into administration, or if they simply pull their insurance product from the market. We have seen this happen to a large number of tour operators and travel agents throughout the pandemic. In contrast, trust account solutions are flexible and much more cost effective, following the flow of the business rather than working against it. Though insurance can certainly work for some travel businesses, when you’re searching for lower cost security with fewer risks, trust accounts are the way to go.

As an alternative to a bonding solution, trust accounts have many advantages. Though many travel businesses use bonds to protect their money, it has begun to come to light how great of a disadvantage this method actually is – especially to consumers. The biggest disadvantage when compared to a trust account lies in the separation of monies. Whilst the PTS trust account separates all monies down to the individual bookings – each of which can be individually tracked, bonds are unable to do this. This can result in a consumer’s money being misallocated and could take a long time to be returned to them.

Additionally, bonds do not ensure a separation of consumer monies. Many travel companies who adopt a bond as protection, use client monies as working capital. This all may seem like a sure fire way to enhance quick growth and free up cashflow. However, you must always be in a solid position to refund client monies within fourteen days, if required. If client monies are spent as working capital, the financial foundations of the business are broken, leading to incredible financial instability – just as we are seeing with many travel businesses during the pandemic. In comparison, whilst trust accounts supply profits to the travel company at a later date, the travel company can rest assured that their current financial position is correct, and they can always administer refunds as required. Thus, in essence, the financial foundations of a travel business that adopts trust are significantly stronger. This is a big contributor to why no PTS member to date has gone bust. All PTS members adopt financial stability and run their business in the most financially stable manner. There is no confusion between profit and running costs – profit is simply profit.

If a consumer has an issue with their holiday, a PTS travel trust account makes this simple to solve. Issues can come up for a variety of reasons, but whether it’s a mistake, an emergency, or something unpredictable, making sure your client knows what to do – and then assisting them throughout – will help to instil confidence. This is why the transparency of a trust account system is so successful and important.

If the consumer does come across an issue, the first thing they should do is to contact the organiser of their holiday and the PTS member. It is very rare that they need to take it further than this. With a good travel business, they will be able to get to the root of the problem and solve it efficiently. Whether this is a refund or an amendment to the package, or even contacting a supplier, more times than not, the issue can be solved easily then. PTS work with expert travel business members, so it is exceedingly rare that a problem is not quickly and easily rectified. However, for peace of mind, working under a trust account also means that anything to do with funds can be dealt with fast and hassle-free.

In the event that the consumer’s PTS member cannot deal with the issue, they can get in contact with PTS head office to deal with the situation. Thanks to our very capable membership, this is something that has almost never happened, and we strongly advise that no consumer escalates an issue to PTS before talking to their travel agent or tour operator first.

What are the Benefits of the Travel Trust Account Solution?

Next to being easy-to-grasp and more mutually beneficial, there are a number of other benefits to keep in mind when you’re thinking of adopting a travel trust account solution.

A big portion of the benefits are centred around management. Managing client funds, supplier payments and cash flow are all far easier through a trust account, giving you more control over your finances and management, without losing protection. PTS gives you complete control of your travel business. Through PTS specifically, this means that you can login at any point and the PTS software will allow you to swiftly allocate your money to any specific transaction and client. This gives you more power over your business and providess the consumers and stakeholders with confidence in the financial protection of your services.

Of the methods of financial protection recognised by the Package Travel Regulations, travel trust accounts are comfortably one of the most affordable for any travel business. Unlike bonds or insurance, trust accounts provide solid protection for both your business and the consumer, whilst remaining highly affordable for all involved. If you’re starting up as a travel business, trust accounts are even more accessible if you’re thinking of joining a travel support solution like PTS . Your finances are protected, you are Package Travel Regulations compliant, and you can save costs to reinvest in making your travel business as great as possible!

One feature which may not immediately spring to mind, but which is a huge benefit of travel trust accounts, is the ability to work more efficiently in other currencies. If you would like to learn more about working in other currencies, we have a superb article on currency hedging in travel . In short, working under a trust account allows you to hold money in trusts in as many different currencies as your business needs, and to then deal in each respective currency as and when required. This gives much more freedom and security if you are a tour operator or supplier. At PTS, we understand that you may need to sell services local to another country using a foreign currency. As such, we work with our members and introduce you to our currency providers. Currency exchange can be unpredictable and is subject to change, but with effective planning, foreign exchange needn’t impact your profit margin and can be used to secure a guaranteed margin on your profits.

Travel trust accounts – including the PTS trust account solution – are Package Travel Regulations compliant. Whilst it may not feel as if you are doing anything more than fulfilling the bare minimum requirements, choosing a PTR compliant solution is a large sign of being trustworthy. It makes the process simpler, confirms the company’s best interests, solidifies great protection for consumers booking a package holiday, and it puts all involved in the best financial position possible.

The Trust Account Solution covers all forms of holiday booking and, especially at PTS, lends itself to the many benefits of transparency in financial management. For example, when a consumer books with a PTS member and pays money for their package, that money goes straight into the trust account where it can be tracked every step of the way. It can be tracked for the company, or this information can be supplied to consumers if they so wish. This transparency allows everyone involved to understand exactly where their money is at any given moment, providing everyone involved with a level playing field and the confidence in their financial protection to do what they’ve set out to do.

Alongside the level of transparency, working in trust accounts gives you the efficiency to process refunds or extra payments with much greater efficiency. This is especially true if you work under the PTS trust account. Any payments that need to be paid to the beneficiaries at either end of the booking process can be made swiftly, as all monies in the trust account are reconciled daily, down to the individual booking. It is easy to see where your monies are, and you can request funds transferred out of the trust account as long as you can provide a signed statement from the organiser detailing why this money needs to be released from the trust account by the trustees. All monies are ring-fenced, which means that the monies do not get lost throughout the booking process and are always within the system of suppliers, travel businesses and trustees.

Merchant services aren’t easy to acquire in the travel business, as there is a certain level of risk that comes with travel. However, working under a trust account will not only provide much smoother and more efficient processes, but will provide the relevant financial security needed for a merchant service to have confidence in working with you.

Whilst this may vary from provider to provider, the PTS trust account solution ensures that if you make a payment into trust by 10am, that money will be processed the same day. All payments are also set up by you, the travel business owner (or designated person), through the bespoke innovative PTS technology. This software is highly intuitive, and payments are easy to set up for any travel business. In addition, we reconcile daily down to each individual booking, so everything is always up to date and right there at your fingertips. Our bespoke travel software provides up-to-date, detailed information for you whenever you need it, whether you’re a PTS member, a supplier, or a consumer.

To summarise, travel trust accounts are a highly robust, transparent and efficient solution, so you don’t have to be concerned about protection in any part of the process. This means that you can focus on selling quality packages to consumers, while assuring them that their money is mere hours away if anything should go wrong.

Travel trust accounts are beginning to be recognised for the superb level of protection they provide, and here at PTS, we do everything we can to provide the best trust service possible. PTS are the only company in the UK travel industry to reconcile daily down to each individual booking, giving PTS members complete control of their business. All of our members are experienced, passionate companies, and whether they are a one-man band or a large team, they all meet a high standard of expertise and conduct. This allows consumers the confidence to put their trust in our members.

When you become a PTS member, your business and your consumers are protected under our travel trust account, supplier failure insurance, and ATOL (should you require one). Since we reconcile daily, both you and your consumers will always know where client monies are, and we don’t let them leave that trust account if they’re not protected. We also pride ourselves on complete transparency so that consumers, PTS members, suppliers and stakeholders can all have complete confidence in PTS. Each travel business can grow and become the business they want to be, whilst knowing consumer monies are always fully protected. What’s more, we are proud to say that not a single PTS member has ever gone bust while working with us. Every single one of our 300+ members is thoroughly protected, so they have the financially robust platform necessary to thrive!

To find out more about the benefits of the PTS trust account solution, you can visit our Travel Trust Account page. Alternatively, to find out more about how we protect consumers, please visit our page on consumer protection . For any queries you may have, please contact our experienced and friendly staff by calling 0207 190 9988 , or via email to [email protected] . We offer complimentary zoom meetings to travel businesses looking to understand more, and will be delighted to show you the PTS bespoke technology that ensures transparency, speed, excellence and financial security.

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Travel Trust Association Testimonials

This is why we do it....

We love nothing more than making our members happy, and hearing their kind words makes it all worth it! If their testimonials have convinced you that Travel Trust Association is the membership option for you, start your application today! Call  0800 680 0707  /  01483 545783  to speak to our friendly recruitment team, or send us an email on  [email protected]  and we’ll get back to you right away.

Just wanted to say a huge thanks for a great couple of days and for the award - the conference was amazing and it was clear you put a huge amount of work into it. We really weren't expecting the member of the year award and we appreciate it so much. 

Your whole team are a credit to your company and we're lucky to call a lot of them friends. It's rare to find a company where everyone really buys into what you're doing and care so much about it.

Party Hard Travel

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You all deserve the Service Excellence mark and I am so impressed to see how your membership has grown since I joined 4.5 years ago (time flies!) And everybody is a happy member! I heard nothing but good things right through the event and am very proud to be part of the TNG!

Incredible Experiences

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I can honestly say we are really proud to be a member of TTNG and we are so glad that we chose you as a consortia. We are now all really driven to get our brand growing over the next 18 months and absolutely smashing the targets we have set ourselves.

Swords Travel

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The TTA provides us with a pro active approach that enables us to grow in line with our plans. Not only that, but without the requirement of costly bonds whilst providing both our customers and suppliers with unrivaled customer protection in an ever changing landscape.

TTA really helped me with my business by providing all the licenses to trade, as well as access to all GDS software and merchant facilities – all of which got me started in the industry. One of the major benefits of being a TTA member is also that I can offer my customers 100% financial protection.

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Africa's Top Destination

Thetopafrica.com is a unique booking website for African safaris and one of the best marketplaces for adventure safaris including bespoke holidays, currently we are based in the United Kingdom.We are fully registered by The Travel Trust Association and all our bookings are under the bond of The Travel Trust Association (TTA Travels). Our Membership number is Q9541.This criteria meets all United Kingdom standards for travel agencies .All of our flight bookings are ATOL protected through our TTA membership plan.You are most welcome to make your booking with us for holiday or/and flight with confidence, being assured that your money and services are fully protected. You can verify our TTA membership by using this link. https:// www.thetravelnetworkgroup.co.uk/verify-a-member

We have teamed up with some of the best local tour operators, travel suppliers, and other stakeholders making sure that we provide  our clients with best and  quality services. We are committed  to providing best end-to-end services  tour management. This has  allowed us to equally participate and promote responsible tourism in Africa with our partners on the ground.

Why Choose Us

We believe in offering quality service while maximizing value for money, which is why all our bookings are financially protected, all our partners on the ground are aware that they are bound to deliver what has been sold and met customer exceptions with extra whenever possible to do so. we understand that peace of mind for our customers is very important, therefore we love to make you fully aware that thetopafrica.com is an active member of the travel trust association (tta) with membership number q9541. the travel trust association is the only travel network in the uk to guarantee 100% financial protection to consumers ensuring total confidence in them. our e-commerce website allows you to either book and make a direct payment or inquire about more information for your holiday. we also do listen to our customers to what they want and tailor their holidays to fit their choices and budget. all our local partners on the ground are well-vetted to make sure that they are fully licensed, skilled, and well-motivated to deliver their obligations to your satisfaction., “make thetopafrica.com your first choice safari and holiday booking website for africa. we will take you places for unforgettable memories ”., we kindly welcome you aboard to try us and we believe you will agree with us that.

“ Your Satisfaction is Our Pride ”

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COMMENTS

  1. Travel Trust Association

    The Travel Trust Association was established in 1993 to provide a flexible, low cost solution for existing travel businesses and independent entrepreneurs just starting up. At our core, we are a trade association of over 450 independent travel agents and over 200 tour operators and travel suppliers. What makes us different is our ability to ...

  2. Contact Us

    For general business enquiries about The Travel Network Group, you can contact our friendly team via phone or email. [email protected]. Call Us : 01483 545 780.

  3. About Us

    To find out more about the benefits of joining the Travel Trust Association, give our friendly recruitment team a call to talk through the benefits in the context of your business. Dial 0800 680 0707 / 01483 545783 or send an email to [email protected].

  4. Consumer Protection

    The Travel Trust Association is a travel trade association. Our members consist of travel agents, tour operators and travel organisers. ... Please contact your card provider for duplicate statements if necessary. Please ensure that the name of the account holder and payment to the Travel Trust Association member is clear.

  5. Travel Trust Association FAQ's

    For general enquiries, just call us on 01483 545780 or email us on [email protected] to find out more. Or for any queries related to joining the Travel Trust Association, phone 0800 680 0707 / 01483 545783 or send us a note to [email protected].

  6. About Us

    Do you want to be part of our network? If you like the sound of what we've got to offer or simply want to chat, get in touch with our friendly team today. For any general enquiries, you can contact us on 01483 545780. For any queries related to joining as a member, call 0800 680 0707 / 01483 545783 or email [email protected] ...

  7. Travel Trust Association (TTA)

    Travel Trust Association - 100% Financial Protection Mulberry Travel Ltd is a member of the Travel Trust Association(TTA), membership number Q8318. In addition, our flight-inclusive packages also have protection under the ATOL scheme. The Travel Trust Association exists in order to protect you, the customer, with 100 percent financial protection. Every penny that you pay

  8. Contact us

    0203 117 0599. The Travel Trust Association. The Global Travel Group. 0148 354 5780. If your travel company is not a member of these, please contact Citizens Advice (Telephone 0808 223 1133). Need to contact ATOL? Whether it is for your claim, wanting to report something or have a press enquiry, we will point you in the right direction.

  9. Complaints Procedure

    As a Member of The Travel Network Group, if you have reason to complain, you should follow the Members' Complaints Procedure outlined below: When a complaint is received via the Members' only complaints form , email , call or face-to-face meeting, the complaint will be escalated to the relevant Head of Department. - The Head of Department ...

  10. MEMBERSHIP TYPES

    The Travel Trust Association (TTA) was set up over 30 years ago to provide a flexible, low cost solution for travel businesses looking for an alternative to bonding arrangements. Travel companies under this membership proposition offer customers unrivalled financial protection, as all money is secured into your own Trust account and guaranteed ...

  11. Financial Protection from Our Local Tour

    The Travel Trust Association is a travel trade association and members consist of travel agents, tour operators and travel organisers. The Travel Trust Association (TTA) exists in order to protect you, the customer, with 100% financial protection and has been doing so for over 20 years. This means that every penny you pay to a TTA member is ...

  12. Why Join

    If you'd like to find out more about how the Travel Trust Association could benefit your business or want to start your application, email us at [email protected] or give us a call on 0800 680 0707 / 01483 545783. APPLY TO BECOME A MEMBER.

  13. The Travel Network Group

    But to receive personalised advice straight from the horse's mouth and to find out which membership proposition is right for you, ask our friendly recruitment team to talk you through it by calling them on 0800 680 0707 / 01483 545783 or emailing [email protected]. They can't wait to speak to you.

  14. Travel Trust Association (TTA)

    Travel Agency. Founded Date 2001. Operating Status Active. Company Type For Profit. Contact Email [email protected]. Phone Number 01483 545 783. Travel Trust Association provides a range of services to the independent travel industry sector, including financial bonding, issuing ATOL licenses, trust account provision, group purchasing ...

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    Traveltrust is a leading global concierge travel services company specialising in corporate and leisure travel solutions and policy and expense management. ... Contact form. Where to find us. SAN DIEGO, CA. Phone 760.635.1700 Toll-free 800.792.4662 374 N Coast Highway 101 Encinitas, CA 92024 - USA. ST. PETERSBURG, FL

  16. What is ATOL?

    ATOL stands for Air Travel Organisers' Licensing, and is a financial protection scheme that protects you and your money if the travel firm you booked with stops trading, before, or while you're on holiday. So, if they go out of business, you'll be safe in the know that you'll always get your money back, or a flight home if you've ...

  17. Independent Travel Experts

    Arline (Independent Travel Experts Member) Total flexibility - you choose the hours you work, no minimum requirement. Un-capped earning potential and extremely competitive commission. Excellent value for money through low cost entry to the travel market. Call 01483 545783 to discover more benefits. Get in touch.

  18. Everything You Need To Know About Travel Trust Accounts

    Whilst this may vary from provider to provider, the PTS trust account solution ensures that if you make a payment into trust by 10am, that money will be processed the same day. All payments are also set up by you, the travel business owner (or designated person), through the bespoke innovative PTS technology.

  19. TTA Testimonials

    If their testimonials have convinced you that Travel Trust Association is the membership option for you, start your application today! Call 0800 680 0707 / 01483 545783 to speak to our friendly recruitment team, or send us an email on [email protected] and we'll get back to you right away. START YOUR APPLICATION.

  20. Travel Trust Association protection

    The Travel Trust Association is an association of travel agents, tour operators and travel organisers with twenty years standing. Should Tailor Made Rail financially fail or cease trading for any reason, the Travel Trust Association will liaise with all the suppliers of your package to ensure that you holiday goes ahead unaffected.

  21. About Us

    The Travel Trust Association is the only travel network in the UK to guarantee 100% financial protection to consumers ensuring total confidence in them. Our e-commerce website allows you to either book and make a direct payment or inquire about more information for your holiday.

  22. Travel Trust Association

    Our offices are located in the UK at The Maltings, East Tyndall Street, Cardiff, CF24 5EA. Monday - Friday: 9.30am - 6.30pm. Saturday: 9.30am - 12.30pm (peak season only) Sunday: Closed. Opening times subject to public holidays. All times are in GMT, London/ UTC+1.

  23. Our Financial Protection

    Fully Guaranteed. Certified members of the Travel Trust Association. Providing complete financial protection for our guests. Emergency out of hours service once you are in the UK. Our offices are located in the UK at 3A Dolphin House, Church Street, Cardiff, CF10 1BG. Monday - Friday: 9.30am - 6.30pm. Saturday: 9.30am - 12.30pm (peak season only)