Financial standing levels rise for commercial vehicle operators

Following a drop in the value of the pound, standard operator licence holders will see the financial standing level rise from £7,850 to £7,950 for the first vehicle and from £4,350 to £4,400 for each additional vehicle on their operator licence.

Financial standing levels for restricted licence holders have been frozen again, staying at £3,100 for the first vehicle and £1,700 for each additional vehicle on the operator licence; however, it is anticipated that a consultation as to the financial levels on restricted licences will be held early next year.

It is not clear yet whether these levels will continue to be based upon the exchange rate between Sterling and the Euro after Britain leaves the EU, but given the levels have fluctuated by almost £2,000 over the last few years, perhaps the logical decision would be to consult with the industry and set a fair level which is acceptable for both the regulator and the operator.

For further information contact Joanne Witheford or Vikki Woodfine