Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure the full disclosure of Ultimate Beneficial Owner status for all UK-registered businesses.

In June 2016, the People with Significant Control (PSC) register and regulations were introduced with the aim of delivering greater transparency around the ownership of UK corporate entities. Over 99% of entities have complied with their PSC filing requirements. The register is widely used, has a positive economic effect and contributes to the fight against the abuse of corporate structures.

Between 1 April 2019 to 31 March 2021, 210 criminal proceedings were issued against companies and directors in connection with failure to comply with PSC requirements. 119 directors and 91 companies have been convicted.

In October 2019, BEIS published a statutory post-implementation review of the PSC regulations which stressed the importance of ensuring the reliability of the PSC register information. With that in mind, the Government has made clear that it will legislate when Parliamentary time allows to require identity verification of PSCs a part of a broader programme targeted at further improving corporate transparency.