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Last year saw a raft of changes come into effect at Companies House. Amongst the measures introduced was the requirement for companies to maintain a register of Persons of Significant Control (PSCs).
New rules, which came into effect on 26 June 2017 mean that companies need to report all changes to their PSC information as they take place and will no longer be able to wait for their annual confirmation statement.
Companies have up to 14 days to update their PSC register and another 14 days to notify Companies House of the changes.
A Person of Significant Control is someone who meets one or more of the following conditions:
Companies must have taken steps to identify PSCs, record their details, and update the register when circumstances change. Failure to do so can result in penalties.