Member Login  |   Join Us  |  Resources  |  FAQs  |  News  |  Events  |  Contact Us  


  Search for a Solicitor Advocate

 contact@solicitoradvocates.org

Follow us   

 

General

Consultation on Companies House reform 07/05/2019 The Government is consulting on reforms to Companies House that should tackle economic crime by increasing the traceability of company ownership and management.

Consultation on Companies House reform

The Government is consulting on reforms to Companies House that should tackle economic crime by increasing the traceability of company ownership and management while offering business owners and businesses greater protection from fraud.

The proposed reforms will help increase the accuracy and usefulness of the information available on the companies register, which last year was accessed 6.5 billion times and, as of March 2018, included over 4 million limited companies.

In the last three years there have been almost 10,000 complaints to Companies House from people concerned about their personal details, with worries including fraud and use of personal details topping the list.

The package of proposed reforms include:

  • Knowing who is setting up, managing and controlling companies: Those who have a key role in companies will have their identity verified
  • Improving the accuracy and usability of data on the register: Companies House will now be able to query and corroborate information before it is entered on the register. This will also mean it is easier and quicker to remove inaccurate information from the register
  • Protecting personal information on the register: In a minority of cases the register can be misused to identify personal information, which can then be used for criminal purposes. Under these proposals Directors will be given additional rights over their information, for example personal home addresses, while ensuring this information is still available in a transparent manner to public authorities where appropriate.
  • Improving the detection of possible criminal behaviour: Better information sharing by Companies House, other Government bodies and financial institutions will better protect businesses and ensure faster and more sophisticated identification of possible criminal activity – benefiting businesses and consumers.

“The UK already has some of the strongest protections in the world against money laundering. We are ranked as one of the top countries worldwide for cracking down on economic crime - protecting businesses and consumers,” said Business Minister Kelly Tolhurst. “The reforms announced today will support the fight against the use of dirty money in the UK and enhance the protections for entrepreneurs and directors from criminal activity.”

The consultation closes on 5th August. It can be found here. 

 

Find a Solicitor Advocate
Looking for a solicitor advocate to
represent you or your client?
Learn more
 
 

Sitemap  |  Privacy and legal  |  Accessibility  |  Cookies Policy  |  Terms and Conditions  |  Scam Alert

© Copyright 2012 The Society of Solicitor Advocates

Website by Red Towers (Scotland) Limited