The government published its consultation on corporate transparency and register reform on 5 May 2019.
The register plays a vital role in contributing to the UK’s economy, and these reforms will allow us to do even more.
What the consultation is about
This package of reforms is a big milestone for Companies House and will be the most significant change since the register was created in 1844.
The government’s vision, set out in the Industrial Strategy, is for the UK to be the best place to start and grow a business. The proposed reforms will help us to achieve this vision and to do more to provide a transparent and attractive business environment in the UK.
The changes will give us the powers we need to combat economic crime and improve protection for people running businesses, while minimising additional administrative burdens.
To support and implement the proposals in this consultation, we’ll be transforming the way we work at Companies House and making sure we’re fit for the future.
The consultation has 4 main themes.
1. Knowing who’s setting up, managing and controlling companies
We’re proposing that directors, people with significant control (PSCs) and those filing information should have their identity verified. We’re also considering whether more information should be disclosed about shareholders.
2. Improving the accuracy and usability of data
The proposals will result in better quality information on the register. Proposals include extending the powers of Companies House to query information before it’s entered on the register and making it easier to remove inaccurate information.
3. Protecting personal information
The proposals will allow us to change the way we store and control access to personal information. Access to the register will be carefully managed, allowing only identified or authorised people to file information. Sensitive information will also be better protected.
4. Improving the detection of possible criminal behaviour
We’ll be able to improve the cross checking of our data against data held by other organisations. We want to see the exchange of intelligence made easier so we can quickly identify possible criminal behaviour.
You have until 5 August 2019 to respond to the consultation and tell us what you think. We look forward to hearing your views.
- May 29, 2019 at 3:43 pm by Editor (displayed above)
- May 29, 2019 at 3:43 pm by Editor