Protected Trust Services registers with FCA

Travel industry protection firm Protected Trust Services has become registered with the Financial Conduct Authority.

The move is designed to enhance consumer confidence following the high profile failures of Monarch and Lowcost Travel Group.

Managing director Daniel Landen said: “We have many tour operators, adventure travel companies, niche tour operators and bespoke travel agents who are members and it is becoming more and more evident that consumers and suppliers are checking credentials of who they are booking or working with.

“We are relieved to see that consumers and suppliers are becoming more cautious.

“The PTS management team discussed FCA some time ago as it is not a legal requirement, and there are some phenomenal travel solutions and travel protection options that are not FCA regulated, nor do they need to be.

“We wanted to make the PTS travel business solution stand apart and we felt that by enhancing consumer confidence and supplier confidence with FCA regulation we would offer the cake with the cherry on top.

“The layman may not understand every line of the package travel regulations but they generally know who the FCA are.”

He added: “We all know we have package travel regulations to adhere to and the impending new package travel directive will tighten our security even more.

“But, do consumers understand the true regulations? If you were to ask ten people on the street, most would not know about the regulations. They have a general idea but they do not understand the intricacies. In fairness, why would they?”

PTS claimed a tripling in the level incoming inquiries from travel businesses looking to join as a solution to adhere to package travel regulations.

A sales target for new members for the month was hit on January 17.

Landen said: “FCA regulation was a big decision for us as a company but it has been received better than we could have hoped for. I am just delighted that our move has been received so positively by our members and new members that are coming on board.”

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