Consultation open on whether financial standing rates for restricted O-licence holders should increase
The Office of the Traffic Commissioner (OTC) has launched a consultation into whether financial standing rates for restricted O-licence holders should be increased.
Lower than the demonstrable finances required for standard O-licence holders, the current rates for restricted licences stand at £3,100 for the first vehicle and £1,700 for every additional vehicle.
The restricted licence rates haven’t been reviewed since 2004, and senior traffic commissioner Richard Turfitt said that the cost of maintaining a commercial vehicle had since increased.
He added that while the OTC had held off reviewing the rates during the recession in 2008 so as not to place additional burden on operators, “it’s right to review the financial security test now”.
He said: “Although we’ve taken a conscious decision not place any additional burdens on restricted operators, especially following the period of economic downturn in 2008, it’s right to review the financial security test now and get the thoughts of industry and stakeholders on where the levels should be set.
“Restricted operators work in a number of diverse sectors so I encourage them all to engage with this consultation so we can understand the impact of any changes.”