Change to Persons of Significant Control (PSC) Notifications

21 June 2017 •

The person of significant control (PSC) regime introduced from April 2016 will see important changes come into effect from 26 June 2017. From that date any changes to a Company or LLP’s PSC information will require notification to Companies House on an event by event basis as opposed to annually via the Confirmation Statement.

These changes are necessary in order for the UK to comply with the EU Fourth Money Laundering Directive which takes effect from 26 June 2017.

At present companies are required to report PSC information on an annual basis within their Confirmation Statement submission. Any changes required to the PSC register are made within this submission alongside updates to changes to shareholders, share capital, SIC codes etc.

The new procedures require PSC information to be updated as and when changes occur. New PSCs, ceasing to be a PSC and changes to existing PSC details must now be updated on the company’s own PSC register within 14 days and then the company has a further 14 days to report the changes to Companies House. In essence, any changes must be reported to Companies House within 28 days of them occurring. The relevant changes must be reported to Companies House via the new PSC01 to PSC09 forms and equivalent LLPSC01 to LLPSC09 forms for LLP’s, or, as is now more common, through Companies House Webfiling.

With these new changes in mind, it is imperative that when changes take place to share capital, shareholdings, appointments and terminations of directors, that the PSC register is reviewed and updated at the event date so any changes to the PSC records can be notified to Companies House within the required time frames to avoid penalties.

Commenting on this new regime Gary Chapman, one of Warrener Stewart’s directors, said; “In many cases Warrener Stewart assist our corporate clients in meeting their statutory reporting requirements with Companies House. We do not anticipate that compliance with these changes will present any problems provided, of course, that our clients continue to notify us promptly of changes to PSC or other statutory details. If in any doubt company management should contact us immediately.”

“we were so impressed at their quick response times and ability to resolve even the most complicated financial problem”
Pen Hadow