Applying to existing haulage, bus and coach operators and to new applicants, the financial levels against which applications and continuations will be processed from the start of 2019 have been confirmed by the Office of the Traffic Commissioner (OTC).
Standard national and international licence applicants will be required to demonstrate £8000 (previously £7950) for the first vehicle and £4450 (previously £4400) for each additional vehicle they request to be authorised.
The new rates will come into effect on 1 January 2019 and any applicant or licence holder appearing at public inquiry before a Traffic Commissioner after that date, where evidence of financial standing is requested, will be required to satisfy the new levels.
There will however be no change at the current time to the rates of finance which must be available to support a restricted licence or application and they will stay at £3100 for the first vehicle and £1700 for each additional authorised vehicle.
The Senior Traffic Commissioner’s statutory guidance document on finance will be amended in due course to reflect the new rates.
It should be noted that operators making variation applications will be required to demonstrate financial standing for their existing fleet and any additional authorisation against the new levels.
Last reviewed 5 December 2018