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.

Jamie Young

Jamie is a seasoned business journalist and Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting. Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops to stay at the forefront of emerging trends. When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs, sharing their wealth of knowledge to inspire the next generation of business leaders.