Financial Standing Rates for 2020 Announced
The Office of the Traffic Commissioner has announced the financial standing rates which will apply this 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 number of vehicles sought by new applicants.
The financial standing rates are reviewed on an annual basis and, where appropriate, are adjusted with reference to EU exchange rates. For 2020, the rates are unchanged; the figures that will therefore continue to apply from 1st January 2020 are as follows:
For standard national and international licence holders, the rates will remain £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.
For restricted licence holders 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.