Giorgio Pizzetti outlines the new Companies House powers in Thomson Reuters

Giorgio’s article was published in Thomson Reuters, 4 March 2024, and can be seen here.

Giorgio Pizzetti, Associate in our Corporate & Commercial department, outlines how the Economic Crime and Corporate Transparency Act 2023 (ECCTA) will significantly reshape corporate compliance.

The Act introduces new obligations for companies to verify directors and beneficial owners, and to ensure the accuracy of filings at Companies House. With Companies House now empowered to query, reject, and annotate filings including retrospectively risk and compliance officers must prepare for a more active regulatory environment.

To mitigate risk, firms should review their Companies House records from incorporation to present, ensuring all information is accurate and up to date. This includes setting up a dedicated registered email address and replacing any PO box addresses with compliant alternatives. While practical guidance is still awaited, early action will help companies avoid penalties and reputational damage.

As implementation progresses, risk and compliance teams will play a vital role in guiding their organisations through the changes. Although they are not personally liable under the Act, they are responsible for ensuring their firms remain compliant. Ongoing engagement with professional advisers and close monitoring of secondary legislation will be key to navigating the ECCTA’s evolving requirements.

Read the full article on the Thomson Reuters website [external link].