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 - £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.

The latest on the EU drivers' hours rules - and more

The new driver’s hours regulations come into force on April 11, and they could mean that operators have to take on up to 10% more drivers to cope with the rules. As a result of the regulations, drivers will no longer be able to work regular Monday to Saturday shift patterns.

Motor Transport is organising a major conference where leading transport lawyer Stephen Kirkbright will be talking about the implications of the new Drivers’ Hours regulations and also give an update on the Working Time Directive.

The conference will also include:

  • Shadow transport minister Owen Paterson MP on road congestion and road pricing
  • VOSA on enforcement of digital tachographs and keeping electronic records
  • Introducing digital tachographs: the management challenge
  • Being seen to be green: the environmental challenge
  • Fuel prices, AdBlue, bio-fuel and supply risks
  • An insurance view of fleet risks
  • Truck crime - what operators and the police can do

The conference is on March 28 at Aston Villa Football Ground