Clifford Chance

Confirmation of fundamental Companies House reforms

26 April 2022

The Department for Business, Energy & Industrial Strategy (BEIS) has published a White Paper setting out the Government's final position on reforms to Companies House following a series of consultations.  The most significant of these reforms relate to: (i) identity verification and other measures relating to directors, persons with significant control (PSCs) and agents; and (ii) new powers for Companies House to query, reject and remove information submitted to it.

The Government has stated that it will introduce legislation to Parliament to give effect to the reforms in the coming months as part of a wider package of legislative proposals to tackle illicit finance.  A transition period will provide existing directors, PSCs and other registrable individuals and entities a set amount of time to comply with the new requirements relating to identity verification.  Those who do not comply by the end of the transition period may face criminal sanctions and be liable for civil penalties.

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