The current financial levels for applicants and operators of restricted licences are:
• £3,100 for the first vehicle; and
• £1,700 for every additional vehicle.
These are lower than the financial standing levels required for standard O-licence holders and the restricted licence rates have not been reviewed since 2004. However, the Office of the Traffic Commissioner is considering if the rates for restricted licences should be increased. It has invited the views of the industry and stakeholders on the increase and where the levels should be set through a consultation which was opened on 11 June 2018.
Have your say by completing the consultation at https://www.gov.uk/government/consultations/restricted-licence-holders-level-of-financial-resources or contact a member of our regulatory team on 01254 828300 if you would like any advice.
The consultation closes on 31 August 2018.