All HGV and PSV applications determined from 01 January 2013 will be assessed against the new financial standing levels, Senior Traffic Commissioner, Beverley Bell, has confirmed.
This means that applications received after 01 December 2012 – which will be considered by commissioners and delegated staff when the new financial limits take effect in the new year – will need to meet the revised levels to comply with the law.
The decision follows the Department for Transport’s announcement that the minimum financial standing requirement for standard national and international licence holders and applicants will fall from 01 January 2013.
Standard national and international licence applicants will be required to demonstrate £7200 for the first vehicle and £4000 for each additional vehicle they request to be authorised. Existing operators making variation applications will be required to demonstrate financial standing for the existing and additional fleet authority against the new levels.
The previous rates required access to £7700 and £4200 respectively.
Any applicant or licence holder appearing at public inquiry before a traffic commissioner after 01 January 2013, where additional evidence of financial standing is requested, will be required to satisfy the new levels.
The rates for restricted licence holders and applicants remain the same.
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