Financial standing to be reviewed for Restricted Licences

30

The Traffic Commissioners (TCs) have started a consultation on whether to amend the financial levels which restricted O-Licence holders must show.

The options include lowering the level, no change, or increasing it. Say the TCs: “Financial security is a key test for the O-Licensing regime. alt=”” src=”https://www.route-one.net/wp-content/uploads/Financial_standing_.jpg” style=”float:right” />

“It provides TCs with assurances that operators will keep vehicles well maintained and run them safely.

“A consistent approach to the financial levels helps to promote fair competition within the industry.”

The current rates – £3,100 for the first vehicle and £1,700 for each additional vehicle – haven’t been reviewed since 2004 and are less than half that required for full licences.

The consultation closes on 31 August.

Find out more: Details are here.