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CAA financial ‘exposure’ leads to proposed ATOL change
The Civil Aviation Authority will demand upfront payments from operators to fund any investigation into their accounts under new plans drawn up by the regulator.
The CAA said it is becoming ‘increasingly exposed’ at paying third party accountants and legal experts to analyse the financials of ATOL holders.
Under the current system, only after the CAA has forked out for the external advice are ATOL holders invoiced and told to stump up.
"The CAA is becoming increasingly exposed to costs payable to suppliers before the costs are recouped from the ATOL holders," it said.
The CAA is seeking feedback on the changes.
In a consultation document, the CAA said: "The CAA is proposing to include a provision within the Scheme of Charges to request advance payment.
"This is in response to a number of larger ATOL cases that require external advice (legal or accountancy) where the scheme currently expresses ‘CAA will invoice the ATOL holder and the invoice will be payable on demand".
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