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People with Significant Control – Checklist of Issues to Consider and Action Required

July 2016

Since 6th April 2016 most UK companies and LLPs have been required to keep a register of people with significant control over them (PSC register). From 30th June 2016 companies have begun filing this information with Companies House in their confirmation statements. This information will be publicly available and failure to comply with the PSC regime is a criminal offence.

As companies all have different filing dates based on the anniversary of their incorporation, most companies will not yet have filed their PSC information publicly. Companies do however need to make sure that they have the necessary processes and procedures in place to accurately report on their PSCs when their confirmation statement becomes due. If your company has yet to put in place these processes and procedures and needs some help navigating this new and at times complex regime, we are here to help!

We have already produced a comprehensive package of templates to assist you in getting your PSC register up and running and making sure you comply with the many statutory requirements of the regime. We have now added to these templates with a helpful PSC Checklist.

This checklist aims to provide you with an overview of the regime in one place and runs through all the questions company directors and administrators need to be considering when putting their company’s PSC regime in place. What is a PSC? What reasonable steps need to be taken to identify PSCs? What information needs to be in the PSC register? These questions and many more are considered. The checklist will then guide you through what action you might need to be taking to make sure your company is compliant as well as which Simply-Docs template can assist your company in meeting the relevant obligations. This should enable your company to be in the best position to include all relevant PSC information in the confirmation statement.

More information can be found on Companies House website.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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