As of 2016, most companies registered in England need to comply with the Persons with Significant Control (PSC) regulations. The PSC regulations require companies to disclose who owns or controls the company. A Company must disclose to Companies House details of any person or parent entity that:<\/p>\n\n\n\n
Companies House lists the details of these key persons or entities on the PSC Register, often referring to them as the \u2018beneficial owners\u2019.<\/p>\n\n\n\n
This article explains PSC regulations that require companies to disclose key controllers and the importance of maintaining an accurate PSC register.<\/p>\n\n\n\n
The PSC Register was introduced to:<\/p>\n\n\n\n
The PSC register is used to conduct business due diligence<\/a>, allowing businesses to verify who they are dealing with, assess potential business partners or acquisition targets, and assist in compliance when undertaking Know Your Client (KYC) checks. Banks use the PSC register when opening business accounts, and lenders also utilise it when assessing business loan eligibility.<\/p>\n\n\n\n The PSC Register also helps the UK maintain its reputation as a trusted jurisdiction for doing business. All English companies must identify and record their PSCs and keep their PSC register up to date.<\/p>\n<\/div>\n\n\n\n The PSC register contains the following details for each PSC:<\/p>\n\n\n\nWhat Information is Kept on the PSC Register?<\/h2>\n\n\n\n
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