Last reviewed 30 December 2020
The Office of the Traffic Commissioner (OTC) has announced that the previously advised 2021 financial standing levels for standard operator licence holders and applicants have changed.
Applicants for a standard licence must be of the appropriate financial standing, as required by the Goods Vehicles (Licensing of Operators) Act 1995 and the Public Passenger Vehicles Act 1981.
This applies to existing haulage, bus and coach operators and to new applicants.
The rates for 2021 were published in November 2020 but have had to be changed as the Licensing of Operators and International Road Haulage (Amendment etc) (EU Exit) Regulations 2019 have amended the relevant EU legislation, Regulation (EC) 1071/2009 establishing common rules concerning the conditions to be complied with to pursue the occupation of road transport operator.
The change involves the rate of financial standing to be applied to the first and each additional vehicle being set in sterling instead of euro.
The rates that come into effect on 1 January 2021 are:
first vehicle: £8000 (previously advised as £8200)
each additional vehicle: £4500 (previously £4550).
There will be no change at the current time to the rates of finance which must be available to support a restricted licence or application.
The Senior Traffic Commissioner's Statutory Document No. 2 on Finance has been updated to reflect this change with the revised version available at https://www.gov.uk/government/publications/traffic-commissioners-finance-march-2019.