April 24, 2018

Corporate transparency: Companies House future plans regarding the PSC Register

As part of its business plan for 2018 and 2019, Companies House has outlined a number of steps that it would take to improve corporate transparency and PSC regime.

Companies House has announced that it will:

  • take steps to ensure the PSC records submitted by companies are correct and comply with the legal requirements by contacting those companies which it believes have misunderstood the requirements directly
  • pursue those companies which have not provided PSC information in their confirmation statement or that have not provided a statement of additional matters
  • if PSCs have been issued notices (requesting further information from PSCs) or restrictions (where PSCs have failed to provide the information requested), Companies House will follow up on those notices to ensure the information on the relevant company’s records is kept up to date
  • take steps to ensure that any complaint made about missing or incorrect PSC information is dealt with effectively and in a timely manner
  • develop ways of sharing information with law enforcement and government departments to support information being shared correctly and with a view to tackling economic crime

In view of the new requirement for overseas companies to register owned property in the UK, Companies House has also announced that it will work with the Department for Business, Energy and Industrial Strategy (BEIS) to develop a register of beneficial owners.

Companies House will also be assisting the government with its review of the effectiveness of the PSC register by gathering any necessary information that would assist with this review.

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