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Companies will be better protected from fraud, under new Companies House reforms that will do more to safeguard the personal data of business owners and ensure the accuracy of the register.
Business Minister Kelly Tolhurst today (Sunday 5 May) unveiled a substantial package of reforms to Companies House. With the clear aim of minimising the burden on law abiding companies, the reforms will contribute to UK efforts to tackle economic crime by increasing the traceability of company ownership and management while offering business owners and businesses greater protection from fraud.
The proposed reforms, unveiled today, will help increase the accuracy and usefulness of the information available on the companies register, which last year was accessed 6.5 billion times and, as of March 2018, included over 4 million limited companies.
In the last three years there have been almost 10,000 complaints to Companies House from people concerned about their personal details, with worries including fraud and use of personal details topping the list.
The package of proposed reforms include:
Business Minister Kelly Tolhurst said:
The UK already has some of the strongest protections in the world against money laundering. We are ranked as one of the top countries worldwide for cracking down on economic crime – protecting businesses and consumers.
The reforms announced today will support the fight against the use of dirty money in the UK and enhance the protections for entrepreneurs and directors from criminal activity.
Knowing that a company’s information is accurate and transparent is a fundamental part of a leading business environment – giving entrepreneurs and businesses the confidence they need to do business in the UK.
Chief Executive of Companies House Louise Smyth said:
The register already plays a vital role in contributing to the UK’s economy through the investment decisions which rely on our data. This package of reforms represent a significant milestone for Companies House as they will enable us to play a greater part in tackling economic crime, protect Directors from identity theft and fraud and improve the accuracy of the register.
The UK has one of the highest ratings for cracking down on anonymous companies, and the government’s proposed measures build on the Britain’s world-leading anti-corruption activity. In 2016, the UK became the first country in the G20 to introduce a public register of company ownership, while new protections against identity fraud for company directors were introduced in 2018.
City Minister John Glen said:
Tackling economic crime is a key priority and by strengthening the register we are building on our already world-leading approach to weeding out dirty money.
This will help us to better identify criminal behaviour and ensure the strongest protections for businesses, so they don’t fall prey to fraudsters.
Interim Director General of the Institute of Directors Edwin Morgan said:
We welcome the thrust of these proposals. The IoD receives regular complaints from its members concerning the misuse of data published by Companies House. Transparency is a key feature of UK-registered companies, but if that transparency can be exploited by criminals or fraudsters, then trust in the legal framework of business is undermined.
We look forward to working with Companies House on new powers to monitor and control company information on its register, which will help to provide a more secure and reliable repository of corporate data.
Director of Policy Transparency International UK Duncan Hames said:
That the Government have brought forward these proposals for consultation is most welcome. We are pleased that public concerns about the accuracy of the company register have clearly been heard, and efforts are underway to act upon them.
The abuse of UK companies to launder stolen wealth has been evident in major global money laundering scandals, and well documented in our own research. Addressing these concerns therefore is an important move against ‘dirty money’ in the UK, which compliments the Government’s widely supported plans for a new register of who ultimately owns the overseas entities that own property here.
Like us, those with an interest in the transparency and quality of company information will surely want to take this opportunity to share their insights from practical experience of using the UK’s company register.
CEO of UK Finance Stephen Jones said:
Reliable company information is critical to the financial and banking sector in meeting know-your-customer requirements and helping to protect customers from fraud. This consultation is an important step in helping to strengthen the Companies House regime and we will continue to work closely with the Government, regulators and law enforcement to develop more effective approaches to tackling economic crime
The proposals will be underpinned by a major transformation programme to upgrade digital services at Companies House alongside a complete review of its staffing and skills requirement. This package of proposals, if brought forward would be the largest change to our system of setting up and operating companies since the register was created in 1844.
Companies House reforms consultation launched today
Academics and industry experts with pioneering ideas capable of producing the next generation of aviation and border security can apply for funding through the Future Screening for Aviation and Borders competition which launches today (5 May 2019).
A funding pot worth £4.5 million is available over the next 2 years for innovative solutions that can enhance the screening of people and goods and strengthen the detection of dangerous, illicit and contraband items.
The competition has been developed by the Future Aviation Security Solutions (FASS) programme – a joint initiative between the Home Office and Department for Transport (DfT) – and the Defence and Security Accelerator (DASA) to encourage novel ideas that cover all aspects of aviation and border screening – from passengers to cargo, mail, hold bags and more.
With the global shift towards a more integrated transport system, greater autonomy and automation, the competition is also looking for innovations capable of bringing current and future security concepts together.
This could mean a more streamlined and non-intrusive screening experience for passengers and staff with security processes working together to screen individuals as they travel through an airport.
Aviation Minister, Baroness Vere said:
The UK has some of the most advanced aviation security in the world, and we must continue to make it safer and easier for everyone using airports.
We want ambitious and innovative businesses to apply for funding to develop the security technologies of the future.
Screening passengers is an essential part of aviation security but threats to the industry are multifaceted and ever-evolving. By splitting the competition into 5 challenges the FASS programme is inviting innovators to think about different aspects of security.
This includes challenging academia and industry to develop measures that can enhance the screening of cargo, mail or hold bags for prohibited and contraband items and make it even tougher for these to be taken on board an aircraft.
The UK has one of the safest aviation systems in the world and has made one of the largest contributions to driving up global aviation security standards. This competition builds on the government’s commitment in both our Aviation strategy and Counter-terrorism strategy, CONTEST, to continually reinforce UK and international aviation security standards to ensure that the skies remain safer for everyone at home and abroad.
Security Minister, Ben Wallace said:
The FASS is continuing to fulfil its vital role of bringing government, industry and experts together to ensure that the UK continues to be amongst the best in the world at developing technologies which keep us ahead of the threats that we all sadly face.
This competition will help to protect passengers by contributing to keeping dangerous and illegal items off our planes and bolstering our border security, whilst having the added benefit of improving their travel experience.
We know that innovation is vital in our work to protect the British public from harm and that is why initiatives like this are so important.
The Home Office and DfT launched the FASS programme in 2016. This formed one part of the 2015 Strategic defence and security review commitment to double spending on aviation security.
FASS has funding of £25.5 million over 5 years to deliver a step change in aviation security by investing in innovative science and technology that will prevent illegal weapons, explosives and other threats from being taken onto aircraft.
The FASS programme aims to invest in early stage concepts as well as support novel products through all stages of development.
DASA finds and funds exploitable innovation to support UK defence and security and will continue its longstanding and successful partnership with the FASS programme for this latest competition.
Interested parties are encouraged to submit a proposal to DASA. The competition closes on Monday 1 July 2019 at midday.
More than £5 million has been raised by a HM Revenue and Customs (HMRC) taskforce tackling dishonest dog breeders selling pups on the black market.