The Importance of Financial Standing

A Traffic Commissioner has discretion in many instances when reviewing an HGV or PSV Operator Licence Application, however, the one area where discretion is difficult to apply is “Financial Standing”. This aspect of an O Licence is set in legislation and leaves a Traffic Commissioner with little room.

When an O Licence application is completed it is therefore absolutely essential that the Financial aspect of the application is correct.

Here is list to help:

1) The finances shown MUST be in the name of the applicant or the applicant company if LTD.

2) The required Financial standing must be seen to be available over a 28 day period.

3) Any recent large deposits into a bank account may raise questions from the Traffic Commissioner regarding the nature of the deposit made.

4) Available balances on Credit cards will be admissible, but the Traffic Commissioner will still require sight of a Bank Statement.

5) It is possible for a “Sole Trader” to have a partner, husband, wife, parent etc who has the required funds available to sign a Statutory Declaration giving permission for use of their funds.

Remember, Financial Standing must be available for the life of the Operator Licence.