We knew it was coming: the Economic Crime and Corporate Transparency Bill has received royal assent and passed into law. Billed by Companies House as one of the most significant changes in their long history, it is designed to help in “disrupting economic crime and preventing abuse of the register, while supporting economic growth”.

 

There are various measures proposed, but the notable ones for our client base include

  • Introduction of identity verification for directors and PSCs (Persons with Significant Control)
  • “Improved” financial information on the register – this is the one that got accountants talking about the pros and cos of having to disclose income statements
  • Increased powers for investigation and enforcement
  • Enhanced protection of personal information
  • Fee increases

 

Although the bill is now an act of parliament, nothing happens immediately. Systems will need to be developed so the earliest changes will be happening next year, one of which is the fee increases to pay for it all.

Read more here: https://companieshouse.blog.gov.uk/2023/10/26/changes-to-uk-company-law-a-big-moment-for-companies-house/?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term=

Or here: https://www.gov.uk/government/news/robust-new-laws-to-fight-corruption-money-laundering-and-fraud