With the introduction of the Economic Crime (Transparency and Enforcement) Bill as well as a wider legislative reform package with timescales being brought forward for another Bill to be introduced, Companies House is enhancing its powers to fight against economic crime.
What does this mean for those entities registered under Company House's remit? The clear intent seems to be to provide the Registrar of Companies with more active powers and to have greater control and scrutiny over entities registered at Companies House.
While this will inevitably cause more red tape, these reforms should be lauded for improving the quality of the published information which so often forms the backbone of many of our business decisions.
To find out more about how these reforms may affect you or your company, please do not hesitate to contact Sing Li, the author, at email@example.com.
We will also be able to challenge information submitted to Companies House and if a query is raised the company will need to provide evidence to resolve it or we’ll be able to take action such as annotating the register, removing material, or sending a penalty to the company.