PSC register—fundamentals

The following Corporate practice note provides comprehensive and up to date legal information covering:

  • PSC register—fundamentals
  • Contents
  • Which entities are required to maintain a PSC register?
  • How promptly should a PSC register be updated?
  • Where should a company keep its PSC register?
  • Which people or entities should be entered on a PSC register?
  • What are the PSC conditions?
  • How should a company acquire the necessary information to create its PSC register?
  • Will registrable PSCs contact the company?
  • How should a company confirm information for its PSC register?
  • More...

PSC register—fundamentals

The people with significant control (PSC) register gives more accurate and current information on who ultimately owns and controls companies and other entities and the information is publicly available on the central registry held at Companies House. It helps inform investors when they are considering investing in a company. It also supports law enforcement agencies in money laundering investigations.

The regime was implemented on 6 April 2016 under Part 21A of the Companies Act 2006 (CA 2006) (as inserted by Schedule 3 of The Small Business, Enterprise and Employment Act 2015).

Please note that for the purposes of simplicity, this document refers to ‘company’ and ‘companies’ when referring to those entities which are required to maintain a PSC register.

See Practice Note: PSC register—the people with significant control regime for an overview of the whole PSC regime.

Coronavirus (COVID-19) IMPACT: Certain aspects of the PSC regime are affected by temporary measures introduced to mitigate the consequences of the coronavirus pandemic (see Part 2 of The Companies etc. (Filing Requirements) (Temporary Modifications) Regulations 2020), for example the deadline to notify the registrar of changes to the PSC register is increased from 14 to 42 days. The temporary provisions expire at the end of 5 April 2021. For further information see Practice Note: Coronavirus (COVID–19)—impact on company filing and administrative procedures.

Contents

Which entities are required to maintain a PSC register?

How promptly

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