In July 2020, the CAA confirmed RCNs for cancelled Atol-protected holidays would continue to be protected by the scheme during the worst of the pandemic.

This protection applies to RCNs issued between 10 March 2020 and 19 December 2021. However, the CAA set a 30 September 2022 cut-off for this protection.

Consumers will still be able to spend their RCNs after 30 September, but if the company that issued them goes bust after this date, it is likely that money will be lost.

The CAA said on Tuesday (26 April) unspent Atol-protected RCNs currently total more than £85 million.

It is urging consumers to either make a package booking using their RCN(s) to ensure their travel retains Atol protection, or request a cash refund.

“Millions of holidaymakers have missed out on travel over the past two years, with many being offered refund credit notes during the pandemic," said Michael Budge, head of Atol at the CAA.

"As demand for travel continues to grow again, we want to make sure consumers are making the most of the financial protection available to them.

"If you have a refund credit note, make an Atol-protected booking or request a refund well before 30 September 2022 to avoid putting your money at risk.”