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Institute of Transport Administration

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25 Greenfield Road
Westoning, Beds MK45 5JD

t: 44 (0)1525 634940
m: 44 (0)7768 303588
e: director@iota.org.uk

 
 
 
 
 
 

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FINANCIAL STANDING REQUIREMENTS as of 1st January 2021

31 Dec 2020

The Office of the traffic Commissioner has announced that the level of finance required to be held by holders of Standard Operators Licences will no longer be that set by Article 7 of Regulation (EC) No 1071/2009 of EUR 9000 for the first vehicle and EUR 5000 for subsequent vehicles.  The Senior Traffic Commissioner has updated the guidance contained in Statutory Document 2 to reflect this change.

 

From 1 January 2021 the levels of Financial Standing required will be:

•            £ 8,000 for the first vehicle

•            £ 4,500 for each subsequent vehicle

 

Powers included in the European Union Withdrawal Act 2018 allow further legislation The Licensing of Operators and International Road Haulage (Amendment etc.) (EU Exit) Regulations 2019 to set different levels of Financial Standing

             

The only change to the requirements of Regulation (EC) No 1071/2009 relate to article 7, the level required.  All other articles of that regulation are now included in UK legislation and will have to be followed by Operators.

 

Further information in Senior Traffic Commissioners Statutory Document 2:

https://www.gov.uk/government/publications/traffic-commissioners-finance-march-2019