The Office of the Traffic Commissioner has confirmed that the financial levels against which applications and continuations will be assessed from the start of 2020 will be unchanged.
Operators will therefore continue to be required to demonstrate rates of finance to support a licence or application as follows:
standard national and international licence applicants will be required to demonstrate £8000 for the first vehicle and £4450 for each additional vehicle they request to be authorised;
to support a restricted licence or application, operators will be required to show £3100 for the first vehicle and £1700 for each additional authorised vehicle.
These requirements apply to existing haulage, bus and coach operators and to new applicants. Under the Goods Vehicles (Licensing of Operators) Act 1995, applicants for a standard licence must be “of the appropriate financial standing”.
Traffic Commissioners must revoke a standard licence if it appears that the licence holder no longer satisfies the requirement to be of the appropriate financial standing although a period of grace of up to six months may be allowed to enable an operator to rectify a situation where they have fallen short in this regard.
Operators making variation applications will be required to demonstrate financial standing for their existing fleet and any additional authorisation against the levels as set out above.
Any applicant or licence holder appearing at public inquiry before a traffic commissioner after 1 January 2020, where evidence of financial standing is requested, will be required to continue to satisfy these levels.
The Senior Traffic Commissioner’s statutory guidance document on finance (which can be found at assets.publishing.service.gov.uk) will reflect the above rates.
Last reviewed 3 January 2020