People with Significant Control (‘PSC’) Register

From the 6th April 2016 UK companies are required to identify and record the people who own or control their company. This was introduced by section 81 of the Small Business, Enterprise and Employment Act 2015. 

Companies need to keep a People with Significant Control (‘PSC’) register, in addition to existing registers such as the register of directors and register of members (shareholders), and must file the PSC information with the central public register at Companies House.

A ‘person with significant control’ includes a person who holds over 25% of the shares or who exercises significant control over the company

The requirements introduce new legal duties and Companies failing to comply could be committing a criminal offence and could be fined and/or imprisoned.

The purpose of the legislation is to bring greater transparency and prevent money laundering. 

Further information is available from Companies House: https://www.gov.uk/government/publications/guidance-to-the-people-with-significant-control-requirements-for-companies-and-limited-liability-partnerships

If you are a company with a legal query, then please call our Shrewsbury office on 01743 248148 for an initial discussion with our Hannah Livsey.