West of England accountancy firm Bishop Fleming, which has a large office in Bath, has been named as one of only a handful of accountants in the region registered to work with ATOL-covered travel businesses.
The Civil Aviation Authority (CAA) recently toughened up its rules relating to financial reporting by travel sector businesses. Accountants must now gain registration to meet the CAA’s rigorous reporting standards for firms covered by ATOL.
By law, every UK travel company which sells air holidays and flights is required to hold an ATOL (Air Travel Organiser’s Licence), which protects money paid by customers if the firm ceases trading.
Since April 1 only qualified accountants registered under the CAA’s new scheme can sign ATOL accountants’ reports. The new rules are aimed at reducing the possibility that consumers will suffer financial loss due to an ATOL company’s insolvency
Bishop Fleming, which also has offices in Bristol, Exeter, Plymouth, Torquay, Truro and Worcester, has a specialist team looking after travel businesses.
Partner Fleur Lewis, pictured, said the perils of booking holidays through travel companies not ATOL-registered was illustrated by the recent collapse of Low Cost Holidays.
Around 150,000 British travellers were affected by the demise of the Majorca-based firm, which did not provide ATOL protection. As a result, they lost more than £50m.
“Bishop Fleming is delighted to have been granted a license to carry out ATOL reporting work,” said Fleur.
“Having an ATOL licence means the firm can sign off reports for clients that have to report to the CAA on passenger numbers and financial information.
“The firm has many years of practical experience with a large portfolio of travel industry clients, and to be certified by the CAA means we are able to offer expert assistance to any firms who are ATOL accredited. Our ATOL team has undertaken the necessary CAA training, and is committed to an on-going programme of professional development to meet the challenges ahead.
“The new qualification means that ATOL companies can appoint a licenced reporting accountant, safe in the knowledge that they understand what the CAA expects by way of information.”
She said a growing number of the firm’s travel industry clients had become ATOL holders as they sought to develop new products and tours to improve their profitability.
