Will you be compliant with the new Companies House People of Significant Control (PSC) Register filing requirements?
From April 2016, the vast majority of UK limited companies have been required to create and maintain a People of Significant Control (PSC) Register. From 26 June 2017, where there is a change to this PSC information, you now only have 14 days to update your PSC Register and another 14 days to send the information to Companies House.
From 26 June 2017 any change to your “people with significant control” must be updated on your PSC Register within 14 days and notified to Companies House within a further 14 days. Updating your PSC records at Companies House will no longer be done on an annual basis via the Confirmation Statement, but using separate filing forms throughout the year. This is to ensure all records held with Companies House are up to date and comply with the 4th Money Laundering Directives requirement for records to be “current”.
What does this mean?
Failure to comply may result in sanctions on the directors and the suspension of the shareholders’ right to vote, which could bring the company to a grinding halt with no decisions being valid. In addition, restrictions may be placed on the drawing of dividends, transfer or issue of shares, preventing cash realisation and investment.
What should you do?
As the requirement comes into force on 26 June 2017, we would recommend reviewing your current PSC Register to ensure all information is up to date and ensuring directors are aware that changes must now be made within the 14 day timeframes.
If assistance with filings or creation or maintenance of your registers is required, please contact Nikki Ashfield, Associate - Corporate Finance, to start a conversation.
Published: 26 Jun 2017