Hauliers face increase as new financial standing levels are confirmed

Financial standing

The office of the traffic commissioner (TC) has confirmed the new financial standing levels for hauliers that will take effect for from the beginning of 2019.

Standard national and international licence applicants will be required to demonstrate £8,000 (previously £7,950) for the first vehicle and £4,450 (previously £4,400) for each additional vehicle they request to be authorised.

Operators making variation applications will be required to demonstrate financial standing for their existing fleet and any additional authorisation against the new levels.

Any applicant or licence holder appearing at a public inquiry before a TC after 1 January 2019, where evidence of financial standing is requested, will be required to satisfy the new levels.

There will be currently no change to the rates of finance, which must be available to support a restricted licence or application - £3,100 for the first vehicle and £1,700 for each additional authorised vehicle.

The senior TC’s statutory guidance document on finance will be amended to reflect the new rates.