People with Significant Control Regime - guidance updated to reflect recent changes to the PSC regime including abolition of statutory PSC register and PSC identity verification requirements

The Government has published updated statutory guidance in relation to the PSC regime. The statutory guidance was last updated in June 2017 and the current updates to the guidance are mostly to reflect the recent changes to the PSC regime – in particular the abolition of the requirement for companies to maintain a PSC register and for PSCs to identity verify – made by the Economic Crime and Corporate Transparency Act 2023 with effect from 18 November 2025.

Under the PSC regime, a person will be determined to have control over a company if they satisfy one (or more) of five statutory tests set out in the Companies Act 2006 – the first of which is having a direct or indirect 25%+ shareholding. The fourth and fifth conditions apply where a person has, or exercises, significant influence or control over the company.

Considering the changes made to the PSC regime, our guidance note and checklist have been updated accordingly. Companies House now holds a PSC register for each entity required to collect and report information about their PSCs. The requirement to investigate and report PSCs to Companies House has become more prescriptive and failure to comply with the regime and provide timely and accurate information to them, without a reasonable excuse, is a criminal offence. The PSC register cannot be left blank.