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Institute of Transport Administration

The Old Studio,
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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SENIOR TRAFFIC COMMISSIONER OUTLINES UPDATED GUIDANCE ON FINANCIAL STANDING

1 Nov 2019

The traffic commissioners understand that bus and coach operators may need to manage the short term economic impact if the UK exits the EU without a deal.  In that period, some operators may not be able to satisfy the financial standing requirement.  Therefore the Senior Traffic Commissioner has outlined updated financial standing options for Standard licence holders in the event of a No Deal Brexit, with further guidance planned to be released on financial standing, should the UK leave the EU without a deal.

In the event that the UK leaves the EU without a formal withdrawal agreement in place, the Senior TC will ask commissioners to approve applications for a period of grace from standard operators who aren’t able to meet the required levels of financial standing.

The guidance will be in effect for six months and apply to cases where there are no outstanding road safety issues.

The amendments will also provide advice to operators on the steps to take when requesting a period of grace. 

 

Download guidance here:

https://www.gov.uk/government/news/senior-traffic-commissioner-outlines-proposals-to-help-operators-with-no-deal-eu-exit