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Changes to the PSC Register

 

Posted on 13 June 2017

There is already a requirement for companies to maintain a register of Persons with Significant Control (known as a PSC Register). At present such information is updated on the public record via the annual Confirmation Statement. 

From 26 June 2017 the new money laundering directive comes into force with more onerous requirements for companies to keep records of Persons with Significant Control updated. From that date companies will no longer update PSC information annually, but instead they will have 14 days to update their register for any changes and a further 14 days to notify Companies House. It will not be possible to update PSC information via the Confirmation Statement. Updates to PSC information will be done by means of new forms PSC01 - PSC09.

The changes impose two new obligations on companies from 26 June 2017:

1. All companies need to consider whether there have been any changes in PSC since their last Confirmation Statement and update their PSC register and the information held at Companies House if appropriate; 

2. Future changes in shareholding will need to be updated as they happen if they involve changes in persons with significant control.

Companies House have announced that they will be taking a more rigorous approach to non-compliance in the future.

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