The aviation regulator recently finished a consultation with the industry on reforming the consumer protection scheme and is due to release more detailed plans in spring 2022.

One of the consultation’s suggestions was that operators and agents could have to use trust or escrow accounts to ringfence consumer payments.

But Moriarty, speaking at the ITT Odyssey Supper in London on Wednesday (27 October), stressed the CAA was still “open” to discussing with the trade how to improve consumer protection through Atol reform.

“There’s a consensus out there that the protection of consumer money is a good thing – most people agree with that,” said Moriarty.

“The issue is how we get there – what are the mechanisms and what are the timelines? The trick is to recognise there are different business models and different views.

“I think we’re going to be quite open about having a conversation about how we get there. I welcome continuing dialogue. We’re open - we don’t have a very fixed view on the mechanisms.

“We’re very keen to start to work together more and we want to play our role in supporting the industry in the recovery."

Moriarty said any reform of the Atol system needed to “preserve the great plurality, diversity and vibrancy” of the UK travel market.

“I don’t want to be the CEO of the CAA that causes a massive contraction,” he added.

Moriarty stepped in at the last minute to replace CAA chair Sir Stephen Hillier, who had originally been due to speak at the ITT event. Hillier was unable to attend the dinner due to illness.