Traffic Commissioners are offering guidance to help operators and licence applicants prepare for increased standard licence financial standing tests. The new levels will come into effect on 1 January.
According to the Office of the Traffic Commissioner, the requirement for the first vehicle on a standard licence or application will be £7850, while each additional vehicle will cost £4350.The levels are based on the ‘Euro exchange rate on the first working day of October each year.’
“Traffic Commissioners understand some standard operators and licence applicants may be concerned about the increase to the standard licence financial standing levels for 2017,” said Beverley Bell, senior traffic commissioner. “The financial standing requirement is mandatory so we have to apply the rates to all operators and licence applicants.
“However, we recognise that some businesses will feel the impact of the increase more immediately.
“That’s why we want to make sure operators and licence applicants know what they can do if they are not able to meet the new rates through the traditional methods, such as bank statements.
“In certain circumstances, traffic commissioners can give operators time to address any shortfall in the financial standing requirements through a period of grace.”