There has been an increase in the amount of finance required for the holders and applicants for standard operator licences, reflecting a slight increase in the amounts needs. The revised figures are £7400 for the first vehicle and £4100 for each subsequent vehicle, applying from 1.1.14.
The figures have changed due to alterations in the sterling/euro exchange rate. There is no alteration in the amount of finance needed for a restricted licence, which stays at £3100 for the first vehicle and £1700 for each subsequent vehicle. Operators have a continuing obligation to be of appropriate financial standing and so it may be necessary to review amounts held on deposit and/or overdraft arrangements.