The UK Travel Industry has a number of laws and regulations that have to be adhered to before any Tour Operator or Travel Agent starts trading. The main law is the 1992 Package Travel Regulations which, in short, states that any travel business offering holiday packages to the UK consumer must provide complete financial protection against the failure of either their business or their suppliers.
Currently the TTA (Association) ABTA, AITO and the CAA (Bodies) provide a solution.
Protected Travel Services came into the Travel Market in July 2011 to offer an alternative solution to businesses so that they can operate within this law.
Financial Protection Solution
In order to comply with the Package Travel Regulations we provide businesses with financial protection through a unique arrangement with HSBC. This form of protection is called a trust account.
The basic functionality of a trust account is that it is an HSBC account which is monitored by a firm of independent trustees (Stewart and Co based in Bournemouth) and is used to hold the consumers funds on behalf of PTS members until they have safely returned from their holiday/trip.
The trust account cannot be accessed by the PTS member, PTS or any other party without two signatures from the trustees. More in-depth measures are in place to ensure that the money is financially secure and these can be discussed in more detail if required.
In addition, Protected Travel Services also provides travel businesses with merchant facilities (through Globalpay/HSBC). This is an important aspect to any travel start up due to the fact that merchant facilities are very difficult to obtain in the Travel Industry because merchant providers deem the Travel Trade as high risk due to the high level of exposure.
Through our unique arrangement with HSBC we currently have a 100% success rate in providing merchant facilities to travel start ups.
Back Office Software
PTS has also...
Protected Travel Services Ltd
Suite 2, Hamilton Court, 1 - 3 Alum Chine Road
Tel: 01202 753433
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