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BEIS consults on corporate transparency reform

BEIS is consulting on the reform of Companies House and its role in transparency of UK corporate entities.

The consultation addresses concerns that the current company registration framework is too open to misuse. To address these concerns, and generally enhance the quality of the service and the UK’s reputation, the wide-ranging paper proposes a number of changes, including:

  • a requirement to verify the identity of directors, PSCs and those filing information – and the Government seeks views on whether third party verification can be accepted. There will be cases where Companies House should have the power to do the verification itself, but there will be many other cases where a third party that has already performed it may be prepared to share its information;
  • improving the accuracy and accessibility of information; and
  • ensuring compliance, including in relation to personal data, and other measures to deter abuse of corporate entities.

Consultation closes on 5 August.

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Emma Radmore