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November 2017
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Changes to the People of Significant Control (PSC) and Confirmation Statement regime


By: Adam Dann Date: 7 August 2017
Category: Article

Your company should have now got used to the PSC requirements and you will have filed your first Confirmation Statement with Companies House, this replaced the old Annual Return. We talked about the PSC requirements in our alert here.

A year later, as part of the EU Fourth Money Laundering Directive, some significant changes to the PSC regime came into force this June.

A company must now inform Companies House within 14 days of any changes to PSCs. This will include:
  • Changes to the type of control, such as the percentage of shares held
  • Changes to a PSCs address
  • Changes to the Additional Statements filed at Companies House (for example if a statement has been filed saying that the company had no PSCs or had yet to identify its PSCs)
  • An entity ceasing to be a PSC, when disposing of their shares, or;
  • A new PSC being appointed, after acquiring shares for instance


New forms have been created which must be used to inform Companies House of the changes, these are PSC01 to PSC09. This means that the Confirmation Statement is no longer used as a vehicle for updating the information on an annual basis. It is used purely to ‘confirm’ that the information held at Companies House is correct and up to date.

The Confirmation Statement can still be used to:

  • update your company’s Standard industry Classification (SIC)
  • change to matters included in the last statement of capital
  • changes to shareholder information


A Confirmation Statement must be filed at least once a year, but Companies House are keen for companies to file these as often as you need too, so they will only charge the online filing fee (currently £13) once per year.

If you have any questions about the PSC regime, or we do not currently maintain your statutory registers and you would like us to, please contact us for help and advice.
 
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