Financial standing levels reduced for UK fleet operators

Jan 05 | 2021

The rates of financial standing that vehicle operators need to attain to comply with the requirements of their Operators Licences has been reduced.

The Licensing of Operators and International Road Haulage (Amendment etc.) (EU Exit) Regulations 2019 has used the power set out in the European Union Withdrawal Act 2018 to amend Article 7 of EC1071 so that the rate of financial standing to be applied to the first and each additional vehicle is set in Sterling instead of Euros.

This means that the previously advised 2021 financial standing levels for standard operator licence holders and applicants has changed. The rates that now apply are:

First vehicle:£8,000 (previously advised as £8,200)

Each additional vehicle:£4,500 (previously £4,550)

The Senior Traffic Commissioner's Statutory Document No. 2 on Finance has been updated to reflect this change.