Companies House consulting on proposed reforms - responses invited by 5 August 2019
The government is proposing a series of reforms to Companies House which will be the most significant change since the register was created in 1844. On 5 May the government published its consultation document Corporate Transparency and Register Reform and is inviting responses to the consultation until 5 August 2019.
If the reforms to corporate transparency proposed by Companies House are implemented then directors and other business controllers will be required to prove their identities as well as new measures being implemented to crack down on criminal behaviour. Companies House would also have more power to check data.
The consultation has 4 main themes.
1. Identity checks - knowing who’s setting up, managing and controlling companies. “We’re also considering whether more information should be disclosed about shareholders.”
2. Improving the accuracy and usability of data to ensure better quality information on the register including the ability to remove inaccurate information.
3. Protecting personal information and allowing only identified or authorised people to file information.
4. Improving the detection of possible criminal behaviour
The register at Companies House currently contains inaccurate information which can be difficult or impossible to remove and no ID documentation is required to register a company. There are also an estimated 300,000 companies who claim they do not have or cannot find a beneficial owner.
Do get involved with this process if you find the current lack of information frustrating.
Posted on 6 June, 2019 by Ortolan