The Government will today publish the report on the statutory post-implementation review of the People with Significant Control (PSC) regulations. We are required to complete a PIR by virtue of various regulations:
Small Business, Enterprise and Employment Act 2015;
The Register of People with Significant Control Regulations 2016;
The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016;
The European Public Limited-Liability Company (Register of People with Significant Control) Regulations 2016;
The Scottish Partnerships (Register of People with Significant Control) Regulations 2017. The People with Significant Control (PSC) register was established in 2016 to enhance the transparency of ultimate (beneficial) ownership of UK companies. The goals of the register are to promote good corporate behaviour and to deter illicit activity. UK companies and partnerships in scope of the regulations are required to keep a register of their beneficial owners and to report this information to Companies House.
This is the first review of the PSC regulations since the register was established. My Department assessed the operation of the register, the stakeholder engagement with it and the burdens the requirements place on business.
The review report concludes that the PSC register is meeting its objectives and that the costs to business have been proportionate and in line with the original estimates. The register is widely used, has a positive economic effect and contributes to the fight against criminal use of companies.
The report notes the importance of ensuring the reliability of the PSC register information. This is being considered and will be addressed as part of the wider review of the corporate transparency and register reform.
The PSC regulations will, therefore, remain in their current form and we will continue to monitor the operation of the register. The next statutory post-implementation review of the PSC regulations will be carried out within the next five years.
A copy of the post-implementation review report will be laid before Parliament.