What is meant by 'financial standing'?

Commercial Motor
February 16, 2007

When applying for an Operator Licence a business must satisfy the requirement of financial standing by showing “immediate access” to the following funds:Restricted licence - £3,100 for the first vehicle and £1,700 for any additional vehiclesStandard National or International licence - £6,200 for the first vehicle and £3,400 for any additional vehicles“Immediate access” means that financial evidence must be filed by the business showing sufficient funds in an account (which must be in the name of the business or the individual if a sole trader). One can rely on an overdraft if a bank letter is provided. Available credit card balances are sometimes accepted.If the available funds can not be proved a licence may not be granted.

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