Compliance

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Operator Licence – Financial standing

As a holder of a Goods Vehicle Licence does my business have to continually demonstrate that it has sufficient funds to comply with the “financial standing” requirement on the licence?

What is meant by 'financial standing'?

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

Compliance and record-keeping

Truck operators are legally required to comply with drivers’ hours rules and the working time rules incorporated in the UK in The Working Time (Amendment) Regulations 2003 and The Road Transport (Working Time) Regulations 2005.

O-licence responsibilities and the CPC

O-licence applicants must sign a declaration confirming they will comply with certain obligations to be given an O-licence and must continue to maintain standards to keep an O-licence once they have it.These include being a fit person to hold a licence; making proper maintenance arrangements for vehicles; controlling drivers’ hours, records and loading; running a suitable depot (known as the operating centre); having adequate financial resources and, for standard national and international licences, possessing the necessary professional competence qualifications.