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Financial Standing

The law requires an operator to be of the appropriate financial standing. Operators who fail to meet the financial standing requirements risk having their Operator’s Licence revoked by the Traffic Commissioner.

The availability of finance is a continuing obligation throughout the lifetime of the Operator’s Licence.  It will be specifically checked at the application stage (for new licences or variations to existing licences), the five-yearly renewal/continuation of the Operator’s Licence or if an operator is called to Public Inquiry – but can be checked at any time.

We are seeing an increasing number of operators who are failing to satisfy the financial standing requirements or who simply do not appreciate how financial standing is assessed and/or the sources of funds that will be acceptable.

The 2024 financial standing figures are as follows: 

Licence Type		Goods Vehicles	Public Service Vehicles
Standard	First vehicle	£8,000	£8,000
	Each additional vehicle thereafter	£4,500	£4,500
Restricted	First vehicle	£3,100	£3,100
	Each additional vehicle thereafter	£1,700	£1,700

Are you concerned whether you meet this?

We will calculate your financial standing for a fixed price – contact us at the email below.

To give you an idea, check out our calculator.

For further details, please contact our regulatory team on 01254 828 300 or email regulatory@backhouses.co.uk