‘Separate client funds to move forward’, says Protected Trust Services
Daniel Landen, owner of Protected Trust Services, says making one simple change will help the travel industry move forward
“As the travel industry is journeying through a strong recovery post-Covid we are all finding new challenges. Recently the CAA Atol consultation has recommended the need to separate client funds, which is worth consideration.
“The benefits to all in the industry are vast, not just for the owners of travel companies but for the staff, stakeholders, and consumers too. Inflation, higher fuel costs and increased interest rates have squeezed the average wage.
“These issues, although independent, should be treated as a whole and as such provide an almost unimaginable challenge for the owners and management team of businesses within our sector. These challenges can be overcome with the right people within the industry working and dealing with customers. In essence, we must pay front-line staff more, value them, and in turn they will protect and help owners grow each travel business.
“Losing skilled people when experience and quality is needed most is possibly the biggest issue our industry must contend with.
“Separating client funds and having strong balance sheets will enable the trade to move forward with strength and stability. Covid-19 taught all of us so much. Most importantly, it taught our industry that trust, in every sense of the word, is pivotal for our consumers, partners, staff and industry.”
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