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Specialists in Logistics & Transport Law - Call 01254 828300

Financial Standing: 2018 update

Backhouse Jones News Lorry

The level of funds that standard national and standard international licence holders will be required to demonstrate access to in 2018 has increased slightly from this year.

From 1 January 2018, applicants and existing operators will be required to show access to £7,950 (previously £7,850) for the first vehicle and £4,400 (previously £4,350) for each additional authorised vehicle thereafter if they are to satisfy the financial standing requirements.

Standard Operator’s Licence

Vehicles Previous rates Rate from 1 January 2018
First vehicle £7,850 £7,950
Additional vehicles £4,350 £4,400

 

The Office of the Traffic Commissioner has confirmed that Operator’s Licence applications and continuations will now be processed against the 2018 financial levels.  Any licence holder or applicant appearing at Public Inquiry before a Traffic Commissioner after 1 January 2018, where additional evidence of financial standing is requested, will also be required to satisfy the new levels.

The rates are calculated each year against the Euro exchange rate as required under EU Regulation 1071/2009.  The level has increased this year due to the drop in the value of the pound.

The Senior Traffic Commissioner’s Statutory Guidance Document No. 2 relating to “Finance” indicates that, where a standard licence holder cannot demonstrate appropriate financial standing, the Traffic Commissioner may (but is not required to) provide a period of time (i.e. a period of grace) for the licence holder to rectify the situation.  The licence holder may ask the Traffic Commissioner for up to 6 months to demonstrate that the requirement to be of the appropriate financial standing will be met on a permanent basis.

There is no change to the level of funds that must be available to a restricted licence holder or applicant – this will remain at £3,100 for the first vehicle and £1,700 for each additional authorised vehicle; however, it is understood that the Traffic Commissioners will be reviewing this position in the new year and there is likely to be a consultation.

Restricted Operator’s Licence

Vehicles Rate
First vehicle £3,100
Additional vehicles £1,700

Please contact a member of our regulatory team on 01254 828300 if you would like further information.

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