General Financial & Fitness Requirements
As part of the Standard ATOL application process, the CAA will assess the finances of your business, which will need to meet our financial criteria. This is based around a surplus of free assets sufficient to support the levels of turnover projected. Surplus free asset levels vary dependent upon the experience/trading record of the people in control of the business and the level of risk involved, but will not be lower than 5% of projected turnover.
Legally, the CAA must be satisfied that the people who own/control the business are fit to hold a licence. It will request details of the history of the people in a position of influence within an applicant and consider if they are likely to operate in a proper manner if granted a licence. If its preliminary view is that the people are unfit to hold a licence, it will issue a proposal to refuse the licence application, setting out the reasons for reaching the view and giving the applicant an opportunity to make representations against the proposal.
The CAA has issued a policy note which sets out the personal fitness criteria.
At the meeting, we will go through the financial aspects of the case in detail, setagainst our published criteria, and outline set out any necessary cash injections. We will also outline any fitness aspects relevant to the case. Finally, we will briefly run through the administration requirements to maintain the licence, and give the applicant the opportunity to raise any queries.
In most cases, a decision on the application will be concluded at or very soon after the meeting.