Companies House has published its business plan for 2018-2019. The plan confirms that Companies House intends to take various steps to promote and ensure compliance with the regime for registering details of a company’s persons with significant control (the “PSC regime”).
The key points are as follows:
- Companies House will contact companies which it believes may have misunderstood the requirements in the PSC regime in order to ensure that records are corrected and comply with legal requirements.
- It will also pursue companies that have not provided PSC information in their confirmation statement or have not provided a statement of additional matters.
- Companies House will follow up with companies and PSCs where a company has issued a notice to a PSC (asking him or her to provide information) or has imposed restrictions (because a PSC has failed to provide information) to ensure that companies update their records.
- It will also seek compliance from companies where there has been a complaint about missing or incorrect PSC information. Companies House will seek compliance from companies and aim to respond to 95% of complaints within ten working days.
- Companies House will develop data and intelligence sharing gateways with law enforcement and government departments to combat companies that deliberately provide false information or no information at all.
- In 2019, Companies House will review the effectiveness of the PSC regime.
The business plan also states that, during 2018/2019, Companies House will work with the Government on:
- developing the proposed regime for registering details of overseas companies’ beneficial owners (the OEBO regime);
- implementing the prohibition on corporate directors; and
- potential changes to limited partnership law to address concerns about misuse of limited partnerships for fraudulent activities.