The Office of the Traffic Commissioner has today (7 December 2017) confirmed that operator licence applications and continuations will now be processed against the 2018 financial levels.
Applicants and existing operators will be asked to produce evidence meeting the revised criteria in preparation for the 1 January 2018 deadline, when the new financial standing levels come into force.
Standard national and international licence applicants will be required to demonstrate £7950 (previously £7850) for the first vehicle and £4400 (previously £4350) for each additional vehicle they request to be authorised.
Operators making variation applications will be required to demonstrate financial standing for their existing fleet and any additional authorisation against the new levels.
Any applicant or licence holder appearing at public inquiry before a traffic commissioner after 1 January 2018, where additional evidence of financial standing is requested, will be required to satisfy the new levels.
There is no change to the rates of finance which must be available to support a restricted licence or application: £3100 for the first vehicle and £1700 for each additional authorised vehicle.
The Senior Traffic Commissioner’s statutory guidance document on finance has been also amended to reflect the new rates.