Trailfinders owner Sir Mike Gooley has hit out at the CAA’s lack of progress on Atol Reform, claiming the regulator “lacks the industry acumen and resolve” to “get on with it”.
Gooley criticised the authority for issuing a ‘request for further information’ this week, instead of a second Atol consultation with final proposals.
He said that while the new document “does suggest the authors are beginning to grasp what needs to be done after years of obfuscation and delay”, a financial regulator “should not be trying to win a vote from the self-interested industry, but set policy that best serves the consumer and the taxpayer”.
More: Analysis: The key points of the CAA’s Atol Reform update
Trailfinders urges rapid Atol reform and variable APC payments [September 21]
Trailfinders urges ‘concerted campaign’ to highlight Atol cover [July 21]
Trailfinders operates using a ‘total trust’ arrangement where all customer monies are ringfenced until the holiday is delivered.
Gooley said: “We were told to expect the second Atol consultation, making specific and final proposals, in early 2022. This was pushed back yet again to early 2023. We all expected this to bring closure, not an announcement taking us to April 2024, with even further consultation and of course no certainty of closure even then.
“However, in late 2022 some sleight of hand was produced by the CAA. References to the second consultation stopped and instead we were told to expect the ‘next document’. This document only gives an update on the current thinking at the CAA and DFT. Further inertia and procrastination.”
He added: “Asking the same questions, to the same audience, whose bias is unchanged, is not going to yield new answers. Once again they are asking the fox how the henhouse should be protected.
“Dream World is the most recent failure which illustrates the problem: Take money for holidays – spend that money – can’t pay for holidays – go bust.
“The CAA then require other travel organisers to compensate the clients of the failed company. Why are we to be so forced, until at least April 2024, to subsidise the fallout of business practices which are illegal in every other major industry?”
More: Analysis: The key points of the CAA’s Atol Reform update
Trailfinders urges rapid Atol reform and variable APC payments [September 21]
Trailfinders urges ‘concerted campaign’ to highlight Atol cover [July 21]