Corporate transparency and register reform

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Detail of outcome

The government response sets out a range of proposals to improve the reliability and accuracy of information on the Companies Register, including:

  • identity verification: introducing compulsory identity verification for all directors, People with Significant Control and those filing information on behalf of a company
  • reforms to Companies House powers: providing the Registrar of Companies stronger powers to query, seek evidence for, amend or remove information and to share it with law enforcement partners when certain conditions are met
  • protecting personal information: improving the processes for removing personal information from the register
  • company accounts: the response proposes further consultation on how to introduce full digital tagging of accounts to ensure consistency, easier identification and comparability of information on the register

Detail of feedback received

We received 1,320 responses to the consultation:

  • about 90% from individuals
  • 4% from companies and limited liability partnerships
  • the rest from a mix of business representative bodies, professional bodies, NGOs, think tanks and others

Respondents broadly supported the proposals.

Original consultation

Summary

We’re consulting on new proposals to enhance the role of Companies House, increase the transparency of UK corporate entities and help combat economic crime.

This consultation ran from
 to 

Consultation description

The consultation considers reform to the information we require companies to disclose, increasing the checks on this information and measures to improve the exchange of intelligence between Companies House and UK Law Enforcement bodies.

The consultation seeks views on a series of reforms to limit the risk of misuse:

  • knowing who is setting up, managing and controlling companies
  • improving the accuracy and usability of data on the companies register
  • protecting personal information on the register
  • ensuring compliance, sharing intelligence and other measures to deter abuse of corporate entities

The views of the following people and organisations would be particularly useful:

  • directors of companies (and officers of other corporate entities; see note above)
  • company shareholders and the investor community
  • business representative bodies
  • trust and company service providers and other professional bodies
  • wider civil society groups
  • academics and think tanks
  • members of the public

Documents

Corporate Transparency and Registration Reform

Download Here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/819994/Corporate_transparency_and_register_reform.pdf

Article Credit: https://www.gov.uk/government/consultations/corporate-transparency-and-register-reform