Great Investor Insights: UK Government response to the consultation on corporate transparency and PSC register reform
30 October 2020
The UK Government has published proposals to increase the transparency of UK corporate entities, including companies and limited partnerships, and enhance the role of Companies House.
It is intended that, unless specified otherwise, any entities that are subject to the transparency provisions of the Companies Act 2006 will be caught (including registered companies, LLPs and limited partnerships). The purpose of this update is to help you plan for the practical impacts and potential identification requirements arising from these updates. In this article we explore the following practical considerations (among others):
- Identity verification for company directors and the sanctions on those that cannot be verified;
- Impact on supervised third party agents in relation to filing; and
- Removal of certain personal information from the Companies House register.