With effect from 1st January 16, revised levels of financial standing came into force. The slight reduction reflect the annual re-alignment of the pound/euro rate.
The revised rates are now £6,650 for the first vehicle and £3,700 for every additional vehicle authorised under a standard national or standard international operator’s licence. These figures will be applicable for any new applications or variation applications and will be the figures that will be used for operators who have been called to a public inquiry. The figures for restricted licence holders remain the same at £3,100 for the first vehicle and £1,700 for each additional authorised vehicle.
There is a continuing obligation on operators to be able to fulfil the financial standing requirements. This means that although there are allowances for day to day fluctuations in an operator’s financial resources, any operator who thinks that they can just show the amount of finance for the purposes of applying for a licence or satisfying the Traffic Commissioner at a public inquiry and then remove the finance, may find themselves having to answer some awkward questions and putting the viability of their licence at risk.