The Package Travel Regulations (PTRs) are in place to protect consumer funds in the event of insolvency. This has now been enhanced by the New Package Travel Regulations which have been implemented by the UK Government on July 1st 2018.
To be clear – whether you are offering domestic travel or international travel, you will still be considered to selling a package if you are selling more than one element. PTS offers an independent trust account that allows a travel business to separate client funds and therefore meet the business’ legal requirements. The PTS trust account solution is complemented by a Supplier Failure Insurance solution so that suppliers can be paid in advance and the member is still completely Package Travel Regulation Compliant.
It is imperative that all travel professionals are clear on the new package travel regulations. PTS have written an informative blog for you to have a deeper understanding and also include a link to the full government document for clarity – The New Package Travel Regulations
In line with Package Travel Regulations you are able to pay funds from trust to a supplier prior to the event taking place as long as the funds are insured. PTS offer all members Supplier Failure Insurance. There has long been a misunderstanding toward independent trust accounts as a Package Travel Regulation solution trust accounts do not strangulate a business’ cash flow, they allow any travel firm to grow and manage funds in a profitable manner. The PTS trust account and insurance model allows PTS members to concentrate on sales, develop growth and increase customer satisfaction. The trust account solution for travel – explained.
Call 020 7190 9988 to discuss your business requirements.
The Package Travel Regulations came into effect specifically to offer protection to consumers in light of Tour Operators and Travel Agents going into liquidation where no financial protection was in place.
The definition of the package means the pre-arranged combination of at least two of the following elements when sold or offered for sale, at an inclusive price. The service would either exceed twenty-four hours or include overnight accommodation. Transport, accommodation, other tourist services not ancillary to transport or accommodation and accounting to a significant proportion of the package. To find out more about The Package Travel Regulations please take a further read at our in-depth blogs – The Definition of A Package and The New Package Travel Regulations
On July 1st 2018 The New Package Travel Directive was released by The Government. We would advise all travel companies to keep this legal update in mind and so call us to discuss if you wish to know more.
PTS offers its members full compliance with these Regulations in a simple and cost-effective model.
Call 020 7190 9988 to discuss your business requirements or send us an email – firstname.lastname@example.org