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On 5 April 2018, Companies House published its business plan for 2018 to 2019 which sets out its role in supporting corporate transparency and the PSC regime. It states that the information on the PSC register is integral to the government’s commitment to corporate transparency and to ensuring that the UK is a trusted and fair place to do business. In relation to PSC information, Companies House outlines a number of areas for improvement, indicating that it will:
1. Contact companies where it believes they have misunderstood the requirements with a view to ensuring that records are correct and comply with the legal requirements.
2. Pursue companies that have not provided PSC information in their confirmation statement or that have not provided a statement of additional matters.
3. Follow up with companies and PSCs where they have issued notices to their PSC (asking PSCs to provide information) or restrictions (where a PSC has failed to provide information) with a view to ensuring the information on company records is updated.
4. Seek compliance from companies where there has been a complaint about missing or incorrect PSC information.
5. Develop data and intelligence sharing gateways with law enforcement and government departments to support information being shared correctly and the tackling of economic crime.
6. Follow up complaints regarding PSC information, aiming to respond within 10 working days.
The business plan also states that Companies House will work with BEIS on the following:
1. The development of a register of beneficial owners of overseas companies that own property in the UK or enter into contracts with government aimed at addressing concerns about the potential use of property transactions to launder money or commit fraud.
2. The potential changes to limited partnership law aimed at addressing concerns about their possible misuse for fraudulent activities.
3. The 2019 government review of the effectiveness of the PSC register, by gathering the necessary evidence to assist this review.
4. The implementation of the ban on corporate directors.
For more information on the PSC regime, contact Philip Chapman at firstname.lastname@example.org.