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Financial Standing Rates Change for Existing Haulage, Bus & Coach Operators, and New Applicants
Standard Operators
The Licensing of Operators and International Road Haulage (Amendment etc.) (EU Exit) Regulations 2019 has exercised the power set out in the European Union Withdrawal Act 2018 to amend Article 7 of EC1071 so that the rate of financial standing to be applied to the first and each additional vehicle is set in Sterling instead of Euros.
This has changed the previously advised 2021 financial standing levels for standard operator licence holders and applicants. The rates that will now come into force on 1st January 2021 are:
1st vehicle: £8000 (previously advised as £8200)
Each additional vehicle: £4500 (previously £4550)
The Senior Traffic Commissioner's Statutory Document No.2 on Finance has been updated to reflect this change.
This has changed the previously advised 2021 financial standing levels for standard operator licence holders and applicants. The rates that will now come into force on 1st January 2021 are:
1st vehicle: £8000 (previously advised as £8200)
Each additional vehicle: £4500 (previously £4550)
The Senior Traffic Commissioner's Statutory Document No.2 on Finance has been updated to reflect this change.
Restricted Operators
At present there will be no change to the rates of finance which must be available to support a restricted licence or application.
In November 2019, we launched this innovative offering for clients seeking access to advice for an agreed annual fee.
This is an alternative to our standard retainer system and offers clients an opportunity to obtain advice where the cost is pre-determined for the whole year. This arrangement would suit clients who may from time to time need to seek legal advice but may hold off preferring a ‘wait and see’ approach.
In our experience, early intervention can reduce the risk of the situation escalating as we can give advice and guidance that nips regulatory issues in the bud before they develop into something far worse. We also strongly recommend our clients consider taking out legal expenses insurance to cover investigations and prosecutions brought by regulators.
DyneProtect© has teamed up with Butcher & Barlow solicitors to provide DyneProtect© clients access to a specialist team of corporate and commercial lawyers for up to 1 hours’ worth of free telephone advice/legal consultation.
Butcher & Barlow have a dedicated commercial and agricultural hub on Gadbrook Park in Northwich which provides advice and assistance to a host of business clients in specialist areas such as Corporate and Commercial Law, Commercial Property, Private Client and Agriculture.
If you have a corporate or commercial issue which Dyne Solicitors is unable to handle, then Butcher & Barlow’s Commercial team will certainly be able to step in and assist.
DyneProtect© has also negotiated price reductions on OLAT / Driver CPC courses run by training providers KP Legal Limited who are offering discounts to DyneProtect© clients on Operator Licensing Awareness / Compliance training (-20%) and Periodic Driver CPC training (-10%).
This is an alternative to our standard retainer system and offers clients an opportunity to obtain advice where the cost is pre-determined for the whole year. This arrangement would suit clients who may from time to time need to seek legal advice but may hold off preferring a ‘wait and see’ approach.
In our experience, early intervention can reduce the risk of the situation escalating as we can give advice and guidance that nips regulatory issues in the bud before they develop into something far worse. We also strongly recommend our clients consider taking out legal expenses insurance to cover investigations and prosecutions brought by regulators.
DyneProtect© has teamed up with Butcher & Barlow solicitors to provide DyneProtect© clients access to a specialist team of corporate and commercial lawyers for up to 1 hours’ worth of free telephone advice/legal consultation.
Butcher & Barlow have a dedicated commercial and agricultural hub on Gadbrook Park in Northwich which provides advice and assistance to a host of business clients in specialist areas such as Corporate and Commercial Law, Commercial Property, Private Client and Agriculture.
If you have a corporate or commercial issue which Dyne Solicitors is unable to handle, then Butcher & Barlow’s Commercial team will certainly be able to step in and assist.
DyneProtect© has also negotiated price reductions on OLAT / Driver CPC courses run by training providers KP Legal Limited who are offering discounts to DyneProtect© clients on Operator Licensing Awareness / Compliance training (-20%) and Periodic Driver CPC training (-10%).
