Note to Directors – Summary of key Issues under ECCTA

The Economic Crime & Corporate Transparency Act 2023 (ECCTA) is a significant piece of new legislation that gives Companies House new and enhanced powers to disrupt economic crime. Those responsible for corporate governance will need to develop a thorough understanding of how the changes will affect their organisation with many of the day to day longstanding company processes changing. 

This is a template summary note to the directors from a company secretary or company administrator outlining the headline points. It is intended as a summary rather than a detailed note to make directors aware of the key points of the ECCTA that will affect them and the company and the action that needs to be taken in response to these changes. The note focuses on the practical implications of the ECCTA. It is intended as a short, go to summary note.

The first phase of implementation of the ECCTA began in March 2024 and is reflected in this note. This template has been most recently updated in April 2025 in relation to identity verification (IDV) requirements. This follows the IDV regime going live as of 8th April 2025 with the opening of a voluntary IDV period for existing directors and PSCs. It is expected that the IDV regime will become compulsory for new directors and PSCs from Autumn 2025. At the same time a compulsory 12-month transition period for existing directors and PSCS is expected to begin and it is expected that the whole process will be completed by the end of 2026.

Companies House guidance in relation to the IDV process is available here.

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