Operator licence applicants and existing licence holders will be assessed against new financial standing levels in 2014.
The Senior Traffic Commissioner has reminded operator licence applicants and existing licence holders that they will be assessed against new financial standing levels from 1 January 2014, in line with the legislation.
The revised minimum financial standing levels for standard national and international licence holders and applicants have been announced by the Department for Transport.
Applications received after 1 December 2013 will be processed against the revised rates in anticipation of decisions on new licences and variations in the new year, when those revised financial levels are in place.
Standard national and international licence applicants will be required to demonstrate £7400 for the first vehicle and £4100 for each additional vehicle they request to be authorised. Existing operators making variation applications will be required to demonstrate financial standing for the existing and additional fleet authority against the new levels.
Any applicant or licence holder appearing at public inquiry before a traffic commissioner after 1 January 2014, where additional evidence of financial standing is requested, will be required to satisfy the new levels.
The rates for restricted licence holders and applicants remain the same as 2013; £3100 for the first vehicle and £1700 for each additional authorised vehicle.
The Senior Traffic Commissioner’s statutory guidance document on financehas been amended to reflect the new rates.
The guidance indicates that where a standard licence holder cannot demonstrate financial standing, regulation (EC) 1071/2009 allows but does not require the Traffic Commissioner to provide a period of time to rectify the situation. The operator may be given a limited time to make written representations before the Traffic Commissioner decides whether to allow time for rectification and for what period by way of a notice served under the legislation.
The financial limits set by EU Regulation 1071/2009 are 9000 euros for the first vehicle and 5000 euros for each subsequent vehicle. For member states not participating in monetary union, the regulation requires the equivalent in their currencies to be revised every year, using the euro exchange rate published in the Official Journal of the European Union on the first working day of October in the previous year. The previous rates required access to £7200 and £4000 respectively.