Consultation to review the financial resources test for restricted licence holders
Looks at whether there should be a change to the level of financial resources shown by certain vehicle operators.
The Traffic Commissioners for Great Britain are today (11 June 2018) launching a consultation to look at whether the financial resources test for restricted operator licence holders needs to be changed.
All operator licence holders must demonstrate a certain level of financial resources based on the type of licence they hold and the number of vehicles they’re operating.
The level of financial resources available is checked when operators first apply for a licence but is a continuing requirement and can be checked at any stage during the life of the licence.
The test is designed to show they’ve got enough money to cover the cost of keeping large, commercial vehicles safe whilst they’re being used on public roads.
For restricted operators (those who just carry their own goods or run no more than two passenger transport vehicles), the financial levels are set by the Traffic Commissioners for Great Britain.
The current rates – £3,100 for the first vehicle and £1,700 for each additional vehicle – haven’t been reviewed since 2004.
The rates for standard licence holders (those who carry other people’s goods or run passenger transport vehicles full time) are higher and set by European legislation.
Richard Turfitt, the Senior Traffic Commissioner for Great Britain, said:
The cost of maintaining vehicles properly has increased since we last reviewed the rates for restricted operators.
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.
The consultation will run from 11 June to 31 August 2018.
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