4 min read
In this guest post, our sister company Stonecot Trustees explains when and why you might need a trust account.
Back to what we do
Trust and escrow accounts
At TTC, we have years of experience setting up and operating trust and escrow accounts and we’d be delighted to help you understand, model and implement one for your travel business.
The importance of trust
Trust and escrow accounts are an important part of the consumer protection landscape. These days it’s common for regulators, insurers, merchant acquirers and other stakeholders to insist on them.
Even customers are becoming more aware, thanks to several high-profile travel businesses pushing their virtues heavily in their marketing material.
Considering your options
The term “trust account” is often used to describe a whole spectrum of different arrangements. Understanding which one suits your business needs careful consideration, and setting up a trust account or escrow account for your travel business can be very complicated.
There’s lots to think about, and financial, commercial, regulatory, legal, accounting and tax issues to bear in mind.
Certainly not something to rush into!
Put your trust in us
At TTC, we have years of experience setting up and operating trust and escrow accounts and we’d be delighted to help you understand, model and implement one for your travel business.
Our team’s knowledge and experience will ensure any complexities are identified early and a suitable approach is taken to ensure the most appropriate structure is achieved. We can:
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Guide you on the pros and cons of different trust or escrow account structures available.
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Advise you on the setup and running process for each.
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Help your finance team to build a suitable financial model to illustrate the cash flow impact.
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Assist with initial set up of trust or escrow infrastructure, such as opening bank accounts and drafting trust deed documents.
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Help you identify a suitable trust or escrow service provider.
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Support with negotiating the trust or escrow structure and detailed terms with the CAA.
What clients think of our regulatory work
We’ve worked with a wide range of clients over the years, from household names to brand new start-ups.
Here are what some of them had to say about our regulatory services.
"Thanks to TTC for assisting us with the regulatory clearances on the deal. We’ve worked with Martin and the team for many years now and you can really rely on them to deliver when it counts. Their experience of working on lots of transactions in the travel sector helped at all stages in the process from early negotiations all the way through to closing which helped us to get the deal done and in-line with the required timeline."
Matt Quinlisk
FD at DER Touristik UK
"We asked TTC to help us secure an ATOL to launch Trip.com in the UK market. Simon and the team have been fundamental in getting the licence approved. Working with them is like having an extended team member we can call on at any time."
James Spalding
Regional Director – Northern Europe & Russia at Trip.com
‘We first approached Travel Trade Consultancy for advice and assistance [in 2017], and they have been with us every day for the past seven years.. They played an essential role in dealing with regulatory matters, management accounts and, latterly as our advisors and facilitators of the sale of the company.. This proved to be invaluable..and as a bonus, they are a lovely bunch of people!’
David Holland
Director at African Pride
Latest regulatory news & insights
1 min read
In this video from our June Travelcast, TTC Directors are joined by Rhys Griffiths to discuss the recent ATOL Consultation.
1 min read
Here is a list of the important dates you should be aware of in 2022.