In a session at the Elite conference called Rebalancing ATOL, David Clover from the CAA told delegates that the CAA is consulting on four main changes.
1. Withdrawal of the Small Business ATOL (SBA) scheme.
2. Adoption of risk-based financial assessments for ATOL holders (< £5million).
3. Introduction of revised assurance reporting arrangements (with ICAEW).
4. The development of online self assessment facilities.
Clover said the changes would allow the organisation to look more closely at the financial stability of SBAs and that in a sample of ten SBAs, about a quarter of them were over their expiration. He also told delegtaes that the new online facility will be fully functioning within the next year.
He said: “We are in listening mode and I mean that as a genuine point. We will listen and take on board what the industry says. As a regulator, we have to look at a broader view and look at solutions. We are conscious of the concerns that ATOL holders have.”
The consultation closes on October 6.