The aviation regulator received more than 300 responses to the Atol reform consultation with the trade, which opened in April and finally closed on Sunday (15 August).

The CAA said it would now “consider these responses”, with a summary to be published in the autumn, before launching a second consultation on detailed proposals for the future of Atol in spring 2022.

Responses were received from travel trade bodies, consumer organisations, financial institutions and other stakeholders.

Matt Buffey, head of Atol regulation and governance, added: “We would like to thank everybody who has engaged with the consultation since it opened in April.

“While the Atol scheme exists to protect consumers, we do appreciate the travel industry has faced a period of significant financial uncertainty and it has been highly valuable to listen to their views and take on board any concerns.”

The CAA repeated its reassurance that it would “take full account of the need to allow industry to adjust to any new arrangements”, although no further details were given on this timescale.

The initial consultation document, released in April, made clear the CAA’s enthusiasm for trust or escrow accounts, which would “segregate” clients’ money until they had returned from their trips.

But many in the industry are concerned about what impact this could have on smaller and medium-sized operators and agents. There have also been calls for Atol reform to take place at the same time as changes to airline insolvency rules.