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People With Significant Control

People With Significant Control

The statutory guidance connected to the People with Significant Control (“PSC”) regime has now been finalised by HM Government, providing the framework and information to allow companies and LLPs to investigate, record and confirm details of any potential PSC. 

With the next milestone in the implementation of the PSC regime taking effect from 30 June, when virtually all UK registered companies and LLPs will need to include details of any PSC in their annual confirmation statement filed with Companies House, this leaves limited time to undertake the relevant checks to identify any potential PSCs and to confirm their details for disclosure on the public record.

Failing to prepare and maintain a PSC register is a criminal offence and it is likely that, due to the profile of this legislation, a greater focus will be placed on the submissions made to Companies House to ensure compliance.

Our company secretarial team has an in-depth knowledge of the PSC regime and is currently involved with preparing and maintaining PSC registers for many of our clients, ensuring their ability to publish up to date and accurate PSC details when the requirement is implemented on 30 June. Particularly in the financial sector, we are advising a number of corporate groups on their PSC obligations.

A copy of our client guide, which gives an overview of the PSC regime and the information which companies and LLPs need to include in their registers, can be found here.

If we can provide you with any guidance or assistance in investigating, recording and confirming your PSC details, please do let us know.

Gary Gray
Head of Company Secretarial Services