CommercialFleet

Traffic Commissioner launches consultation to review the financial resources test for restricted licence holders

Richard Turfitt, senior traffic commissioner.

The Traffic Commissioners for Great Britain have launched 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 are 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 – £3100 for the first vehicle and £1700 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.

The consultation page on GOV.UK is available here: https://www.gov.uk/government/consultations/restricted-licence-holders-level-of-financial-resources

 

Leave a comment for your chance to win £20 of John Lewis vouchers.

Every issue of Fleet News the editor picks his favourite comment from the past two weeks – get involved for your chance to appear in print and win!

Comment as guest


Login / Register

Comments

No comments have been made yet.

What's the tax liability on my van?

Calculate the BIK tax on any van on sale today with our van tax calculator

Track down the cheapest forecourts

Find the cheapest forecourts in your area with our van fuel price locator

How green is your van?

Check out the CO2 emissions for new vans with our CO2 calculator?