Unspent ATOL refund credit notes totalled over £54 million at the end of last month, the Civil Aviation Authority says.

The CAA is again warning holders of RCNs to either use them to make a booking or request a monetary refund before 30 September.

If a travel company goes bust after 30 September 2022, consumers with outstanding refund credit notes will not be covered by the ATOL scheme and risk losing out on money they have already paid.

In November 2021, £132 million of refund credit notes remained unspent. This reduced further to £85 million in April 2022.

CAA Head of ATOL Michael Budge said: “Demand for travel is continuing to grow and we want to make sure travellers are making the most of the financial protection available to them.

“With more than £50 million of refund credit notes remaining unspent, this affects consumers booked with some of our biggest travel companies.

“If you have one of these refund credit notes, we advise making an ATOL protected booking or requesting a refund before 30 September 2022 to avoid putting your money at risk.”