Companies House has implemented a new regime of penalties aimed at improving compliance and transparency in the UK’s company register, with a focus on cracking down on misuse and economic crime.
Registered companies are being urged to meet their legal obligations, such as timely filing of confirmation statements, to avoid facing financial penalties or more severe consequences.
The new powers, granted under the Economic Crime and Corporate Transparency Act 2023, allow Companies House to take civil action, disqualify directors, and even pursue criminal prosecution in serious cases of non-compliance. Directors found guilty of offences could face criminal records. Companies House will collaborate with the Insolvency Service and other enforcement partners to share intelligence and take joint enforcement action when appropriate.
Martin Swain, Director of Intelligence and Law Enforcement Liaison at Companies House, emphasized that while the agency will support businesses in meeting their obligations, it won’t hesitate to use its new powers when necessary. He said, “These new penalties mark a significant step forward for Companies House… to firmly, but fairly, enforce the law.”
The new penalties are part of a broader effort to improve corporate transparency and combat economic crime, strengthening the integrity of data on the UK’s company register.
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Companies House introduces new penalties to boost compliance and corporate transparency