The UK is internationally recognised for its commitment to corporate transparency and anti-money laundering (AML) standards. A key part of that commitment is the Register of People with Significant Control (PSC register)—a legal requirement for most UK companies and LLPs.
Introduced under the Small Business, Enterprise and Employment Act 2015, the PSC register aims to ensure that individuals who ultimately own or control UK companies are publicly disclosed.
What is the PSC Register?
The PSC register is a record maintained by a company (and filed with Companies House) that identifies the person or persons who have significant control or influence over the business. These individuals are known as Persons with Significant Control (PSCs).
This register is designed to:
- Increase transparency over who really owns and controls UK companies
- Help tackle tax evasion, money laundering, and terrorist financing
- Build trust among stakeholders, clients, and the public
Who Qualifies as a Person with Significant Control?
A PSC is an individual who meets one or more of the following conditions:
- Owns more than 25% of the company’s shares
- Holds more than 25% of the company’s voting rights
- Has the right to appoint or remove the majority of the board of directors
- Exercises significant influence or control over the company
- Exercises significant influence or control over a trust or firm that meets any of the above conditions
For companies with complex structures, identifying PSCs may require detailed analysis of shareholdings and control mechanisms.
Is the PSC Register a Legal Requirement?
Yes—maintaining and updating the PSC register is a legal obligation under UK company law. Failure to comply can result in:
- Criminal penalties for the company and its officers
- Fines and potential prosecution
- Reputational damage
All relevant entities must:
- Identify their PSCs
- Confirm their details
- Record them in the company’s own register
- Submit the information to Companies House
- Keep the register up to date
Companies must also take reasonable steps to contact and confirm information with their PSCs. It is not enough to assume details or delay submissions.
What Information Must Be Included?
For each PSC, the following details must be recorded:
- Full name
- Date of birth
- Nationality
- Country of residence
- Service address
- Nature of control (e.g., owning more than 25% of shares)
While most of this information is made publicly available through Companies House, certain personal details—such as full dates of birth and residential addresses—are not shown to the public to protect privacy.
Exemptions and Special Cases
Most companies and LLPs are required to maintain a PSC register, but publicly listed companies on regulated markets (such as the London Stock Exchange) are exempt, as their ownership is already subject to equivalent transparency requirements.
In addition, companies that cannot identify a PSC or believe there is none must still declare this status in their register and update Companies House accordingly.
Why It Matters
The PSC regime is a vital tool for corporate accountability in the UK. It enhances trust in UK businesses, supports international due diligence standards, and helps law enforcement agencies trace illicit financial activity.
For entrepreneurs, investors, and corporate service providers, understanding the PSC requirements is crucial to staying compliant and avoiding unnecessary legal or financial risks.
Final Thoughts
The Register of People with Significant Control is more than just a formality—it’s a cornerstone of responsible business practice in the UK. Whether you’re starting a company, managing an existing business, or acting as a nominee, it’s your legal duty to ensure that PSC information is identified, verified, and kept up to date.
If you're unsure whether your company meets PSC obligations, it's best to seek professional legal or compliance advice to avoid any inadvertent violations.
Published: 4/24/2025 10:47:13 AM
