The Office of the Traffic Commissioner has announced the financial standing rates which will apply next year for operator's licence holders and applicants.

By way of a reminder, these are the sums that operators and prospective operators must have available to them in order to satisfy the legal requirement to be of appropriate financial standing.  The sums operators must have available are calculated by reference to the number of vehicles that existing operators have authorised under their operator's licences, or the vehicle authorisation sought by new applicants.

The financial standing rates are reviewed every year and, where appropriate, are adjusted with reference to EU exchange rates.  The new rates, which will apply from 1st January 2019, are as follows:

  • For standard national and international licence holders, the rate will be £8,000.00 for the first vehicle that is authorised (or sought) on the operator's licence, and £4,450.00 for each additional vehicle.  This is a small increase from the current rates of £7,950.00 and £4,400.00 respectively.
  • For holders of, and applicants for, restricted operator's licences there will be no change, and the rates will remain at the current levels which are £3,100.00 for the first vehicle and £1,700.00 for each additional vehicle.

Operators are reminded that the sums must be readily available to them.  For more information on financial standing and meeting the requirement, click here, or call us on 01279 818280.

Details correct as at December 2018.

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