Financial Standing Requirements Increase
From 1st January 2010 the financial standing requirements have increased significantly for operators holding standard national and international licences.
Whereas the amount needed for the first vehicle on a licence was £6,200 it has now increased to £8,100. For each subsequent vehicle authorised under the licence the amount has also increased from £3,400 to £4,500.
This dramatic change comes about due to the poor performance of Sterling against the Euro. The EU directive which regulates financial standing is expressed in Euros: namely €9,000 for the first vehicle and €5,000 for each subsequent vehicle.
However this change does not affect restricted licence holders who will remain subject to the old rates of £3,100 (for the first vehicle) and £1,700 (for each subsequent vehicle). If any of these changes affect your business and you require advice on how to proceed then please contact Pellys Transport and Regulatory Law on 01279 758080.