The Phone-paid Services Authority (PSA) has announced its successful fulfilment of regulatory tasks for premium rate services (PRS) in the UK. The PSA has revealed plans to transfer regulatory responsibility to Ofcom in 2025, after which it will cease operations. The organisation highlighted its agile approach to regulation, including the introduction of Code 15 which shifted focus from enforcement to prevention. The PSA also reported significant success in regulating Information, Connection and Sign-posting Services, reducing consumer detriment by over 85%. This announcement marks the culmination of nearly four decades of specialist PRS regulation in the UK.

The Phone-paid Services Authority (PSA) has published an update on the impact of its regulatory activity regarding Information, Connection and Sign-posting Services (ICSS). The update follows the PSA's 2022 thematic review of the ICSS market and its 2023 Code consultation. Since September 2023 the PSA has seen beneficial changes for consumers in the market.

The Phone-paid Services Authority (PSA) has set out how it plans to support the transfer of its operational responsibilities to Ofcom before it ceases to operate on 1 February 2025. Starting from 29 November 2024, the PSA will close its customer phone lines and direct customer inquiries to Ofcom through an online platform. It will only operate a basic web form, discontinue the Due Diligence, Risk Assessment, and Control (DDRAC) reports, and stop providing guidance on the 15th Code of Practice (the Code). Beginning 10 January 2025, the PSA will no longer respond to email requests, will not handle Freedom of Information requests, and will not accept whistleblower or general complaints. Providers must continue to comply with the Code until 1 February 2025.

A person (or people) with significant control, as defined under CA 2006, Pt 21A. See also PSC register.

Introduction This Practice Note looks at the potential impact on lenders and secured parties (finance parties) of the requirement on certain entities under Part 21A of the Companies Act 2006 (CA 2006) to gather and supply Companies House with information as to its ‘persons of significant control’ (PSCs). The Practice Note starts with an overview of the most relevant aspects of the PSC regime from a finance party's perspective before providing: • a summary of considerations and risks for finance parties • an explanation of when a finance party may fall within the ambit of the regime • the risks to secured parties of the service of a restrictions notice and how to mitigate such risks, and • some developments to look out for Overview of the PSC regime This section provides a brief overview of the PSC regime, highlighting the key areas that lenders should be aware of and focusing on the requirements for companies as set out in CA 2006. For detailed information, see the materials set out in: Disclosure

[Insert date] Dear [insert name of addressee] Register of People with Significant Control—Restrictions Notice Interests in [LLP] [rights] On [Date] we sent you a notice under section [790D OR 790E] of the Companies Act 2006 (the Act) requiring that you provide us, in writing [including by email to the address shown above], within one calendar month, specified information concerning your interest (within the meaning of Part 21A of the Act), if any, in the [rights] of [LLP] or your knowledge of any person or legal entity that might have such an interest. On

[Insert date] Dear [insert name of addressee] Register of People with Significant Control—Warning Notice Interests in [LLP] [rights] On [Date] we sent you a notice under section [790D OR 790E] of the Companies Act 2006 (the Act) requiring that you provide us, in writing [including by email to the address shown above], within one calendar month, specified information concerning your interest (within the meaning of Part 21A of the Act), if any, in the [rights] of [LLP] or your knowledge of any person or legal entity that might have such an interest. A copy of the section [790D OR 790E]

[Insert date] Dear [insert name of addressee] Register of People with Significant Control—Withdrawal of Restrictions Notice Interests in [LLP] [rights] We are writing

To be printed on the letterhead of the overseas company respondent [Insert date] The Directors [insert name of [UK company]] Dear [insert name of addressee] Register of People with Significant Control—information concerning our interest in [UK company] I am writing to you in connection with the changes brought about by the Part 21A of the Companies Act 2006 (the

[Insert date] Dear [insert name of addressee] Register of People with Significant Control—Restrictions Notice Interests in [Company] [type] [ shares OR rights] On [Date] we sent you a notice under section [790D OR 790DA OR 790E OR 790EA] of the Companies Act 2006 (the Act) requiring that you provide us, in writing [including by email to the address shown above], within one calendar month, specified information concerning your interest (within the meaning of Part 21A of the Act), if any, in the [shares OR rights] of [Company] or your knowledge of any person or legal entity that

[Insert date] Dear [Company Secretary OR Board of Directors] of [Company], Register of People with Significant Control—voluntary notice of registrable status I confirm that I am a registrable person with significant control, as defined in section 790C of the Companies

[Insert date] Dear Board of Members of [LLP], Register of People with Significant Control—voluntary notice of registrable status I confirm that I am a registrable person with significant control, as defined in section 790C of the Companies Act 2006 (the Act)