Draft Companies (Disclosure of Address) (Amendment) Regulations 2018

Bill Esterson Excerpts

Thursday 29th March 2018 General Committees

[Bill Esterson (Sefton Central) (Lab)]

It is a pleasure to serve under your chairmanship, Mr Sharma. I had planned to trace the history of the Companies Act 2006 and, for the benefit of our illustrious company, to go through the reasons why it was so important that residential addresses, later service addresses, were published, but the Minister has given such a thorough, detailed and lengthy explanation—

[Alex Chalk (Cheltenham) (Con)]

Exhaustive.

[Bill Esterson]

Exhausting or exhaustive? I could not quite catch from the Parliamentary Private Secretary which it was. I leave that for the readers of Hansard to determine for themselves.

I have two questions for the Minister. It is clearly right that the authorities still have access to residential addresses, including for former directors, and that a service address is available. As the Minister rightly set out, for reasons of fraud and the risk of violence and intimidation, and the 2003 cut-off, it is right that directors—as well as, I believe, company secretaries, shareholders and persons with significant control—receive adequate protection. My understanding from research from the fraud prevention organisation, CIFAS, is that one in five victims of recorded cases of such fraud is a company director. As the Minister says, there has been an increased incidence of fraud or risk of violence and intimidation reported to his Department.

It is clearly right that if the service address option exists, it is only fair that all directors, current and former, can take up the option. Will the Minister explain how the redactions are possible? What has changed in the technology to allow that? What is the new process that means it is now possible? Will he confirm that my understanding about full access by the authorities is correct and also that the publication of a service address is important to the wider public? With those replies, we will be happy to support the regulations.