The Office of the Traffic Commissioner has today (20 November 2014) confirmed that operator licence applications and continuations will be processed at new financial levels from 1 December 2014.
Applicants and existing operators will be asked to produce evidence meeting the revised criteria in preparation for the 1 January 2015 deadline, when the new financial standing levels come into force.
Standard national and international licence applicants will be required to demonstrate £7000 (previously £7400) for the first vehicle and £3900 (previously £4100) 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 2015, 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.
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.