The framework of the people with significant Control (PSC) regime, which originally took effect on 6 April 2016, is set out in Part 21A of the Companies Act 2006 (CA 2006) (as amended by the Small Business, Enterprise and Employment Act 2015, ss 81–83, Sch 3).

The PSC regime seeks to address issues related to the lack of transparency in business ownership, where traditionally only the legal owner, not necessarily the beneficial owner, of an entity's shares was recorded. The PSC register provides more precise and up-to-date information on who ultimately owns and controls companies and other entities, and this information is publicly accessible through the central registry at Companies House.

It is important for PSCs and other relevant legal entities (RLEs) to know what their duties and responsibilities toward the company are.

This Practice Note investigates the specific duties of PSCs and other RLEs in relation to the PSC regime.

For full details of the current PSC regime and its legislative and regulatory background and links to all relevant guidance and know-how see Practice Note: