The FTA has told road
According to an article published in Commercial Fleet, financial standing requirements - for standard operator
It is said that the FTA anticipates that the sums will change from £6,650 to around £7,800 for the first vehicle, and from £3,700 to around £4,300 for each subsequent vehicle.
Ed Shepherd, head of member
“The financial standing requirements exist to demonstrate to the Traffic Commissioner that a commercial vehicle operation is solvent, and ostensibly to show that they don’t need to start cutting corners in vehicle maintenance and safety in order to save costs.”
The news brings the need for fresh attention on areas that
Shepherd went on to say: “The increase would come as a sudden shock to operators who will need to demonstrate these extra reserves by the New Year.
"While ‘cash at the bank’ is the most straightforward way of demonstrating compliance, other methods permitted by the Traffic Commissioners include joint and several guarantees, overdraft facilities, credit facilities and invoice finance agreements.”
Thankfully, there are ways that fleet managers can decrease fuel expenditure, insurance costs and vehicle wear and tear.
Of course, there is no quick fix, but with the adoption, implementation and
The more information you can get on daily
Our fleet expert goes into more detail in the video below: