The Travel Trust Association (TTA) has reported a 50% increase in the number of enquiries from potential new members this April compared to this time last year.
Gary Lewis, CEO of The Travel Network Group, incorporating Travel Trust Association, said: "We are humbled by the high number of enquiries coming through and we believe that the main reason behind these is the ongoing conversation around trust accounts and the future of financial protection for the travel industry.
Lewis continued: "The TTA model is the first and leading trust account model, that offers 100% financial protection to consumers and we feel that the whole industry will have to reflect on how customer money is used, irrespective of a final decision from the government around the PTRs."
The TTA financial protection model gives businesses access to individual trust accounts for individual members, which means owners can give the reassurance to their customers that their funds are being held in their individual trust account, rather than in a central trust account, which poses inherent risks.
Lewis continued: "For customers’ peace of mind, TTA trust accounts have a structure that ensures independence of trustees and independence of the body overseeing the trustees and the travel businesses. To the TTA trust account model, we add a blend of insurance, to ensure its protection against fraud, negligence, error or omission.
"Furthermore, the TTA trust account model gives reassurance and agreed financial protection not just to members’ customers, but also to merchant acquirers and to business partners, therefore offering real security to our members in all future relationships.
"The TTA model is demonstrating a resilience for our members through this current crisis."
