People with Significant Control (PSC) – Update

Changes to the People with Significant Control (PSC) regime were brought into force on 26 June 2017. All PSC information held at Companies House must be ‘current’. This means that it is no longer possible to update company information using the Confirmation Statement, and instead Companies House must be informed of any changes within 28 days using forms PSC01 to PSC09. Companies must also update their own PSC registers within 14 days of the change.

It is understood that the above applies to LLPs and it was thought that the updated PSC regime may apply to CIOs and SCIOs, however, the regulations seem clear that this is not the case. The guidance for PSCs expressly states that the requirement to keep a PSC register, does ‘not currently’ apply to CIOs.

This may change in future though – we’ll keep you updated.