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Company PSC Registers

4.04.2017

From 6th April 2016, every company has been required to maintain a register of people with significant control (PSC) over it as part of its statutory registers. The obligation on the company is to take reasonable steps to identify any individual or other legal entity, such as another company, who should be included in the PSC Register. Failure to comply with this requirement may constitute an offence by the company and every officer in default. 

The PSC Register may be kept as a hard copy or in electronic format but official wording is prescribed and the register can never be blank. The first year of this new regime is now almost past and many companies are still failing to satisfy the requirements completely. 

Set out below are the prescribed wordings that are commonly applicable together with some guidance. The date of the statement should be given. Companies should not delete statements when they cease to apply but should add the date that they ceased to apply. 

  1. The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the company. This is likely to be the first statement in the register. 
  2. The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company. Once the investigations are completed, the company may add this statement but no other qualifying wording should be included. 
  3. The company knows or has reasonable cause to believe that there is a registrable person in relation to the company but it has not identified the registrable person. The company should add this statement before the identity has been confirmed. The statement should be added for each registrable person. The individual or other legal entity must not be named.
  4. The company has identified a registrable person in relation to the company but all of the required particulars of that person have not been confirmed. The company must confirm the relevant information in respect of the person before including it in the register. Where the PSC is an individual, the information must be confirmed by the individual personally. Again, the statement should be added for each registrable person. The individual or other legal entity must not be named. 
  5. The company has given a notice under section 790D of the Act which has not been complied with. The company has to send out a notice to each potentially registrable person prior to registration asking them to confirm their details and giving them one month to comply. A separate statement should be made for each such notice not complied with. 
  6. The addressee has failed to comply with a notice given by the company under section 790E of the Act. This company is required to keep the PSC updated and must serve notice on a registered person asking them to confirm the position within one month if a registrable change has taken place or is believed to have taken place. A separate statement should be made for each such notice.
  7. The notice has been complied with after the time specified in the notice. This statement should be added where it applies to a 790D or 790E notice.
  8. The company has issued a restrictions notice under paragraph 1 of Schedule 1B to the Act. It is a criminal offence to fail to comply with a790D or 790E notice. The company may also impose restrictions on the rights of the registrable person for failure to comply by issuing a restrictions notice. The company must however first issue a warning notice. 
  9. The company has withdrawn the restrictions notice by giving a withdrawal notice. The company should withdraw a restrictions notice if it is satisfied that: a) there is a valid reason for failure to comply with the 790D or 790E notice; b) the notice has subsequently been complied with; or c) the restrictions notice unfairly affects the rights of a third party.
  10. The court has made an order under paragraph 8 of Schedule 1B to the Act directing that a relevant interest in the company cease to be subject to restrictions. A court may order the lifting of restrictions on rights in the company imposed by a restrictions notice.
  11. Once the registrable details are confirmed, the appropriate statement should be added naming the registerable person. The company should include all that apply. There are similar statements, not listed, for trust interests.

Sarah Astley can be contacted at
[email protected]

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