CIC Association

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Alert! Company law changes - are you ready for 6 April?

CICs are subject to the important company law changes coming soon. One of the most important (and the most difficult to deal with) is the obligation to find out 'persons with significant control' and report their details to Companies House.

From 6 April a CIC has a legal obligation to find out who its PSC are and to make a Register of PSCs.

The scope of these new rules is wide and they are very complex (the draft non-statutory guidance runs to 86 pages!).

 From 30 June 2016* the information from this register must be notified to Companies House.

(*Current timetable as published by Department for Business, Innovation and Skills) 

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Comment by Cecile Gillard on April 25, 2016 at 9:16

ASimon (and all) ICSA, the Governance Institute has published a range of detailed guidance and helpful commentary, including worked examples. Do have a look at all of that, link below.

https://www.icsa.org.uk/knowledge/resources/psc-register-guidance

 

Comment by Simon Odell on April 22, 2016 at 22:36

Can anyone also confirm that a sole director becomes a PSC by virtue of condition iii) please ?  the wording says "If there is only one director and someone has the right to appoint them, then they would meet this condition." but it isn't clear if the 'they' refers to the director or the someone or both.

Comment by Simon Odell on April 22, 2016 at 22:04

Hi Cecile.  can you or anyone else confirm that a sole Director of a company is a PSC?  And has anyone got a suggested format for a PSC Register?

Comment by Pete Scott on March 8, 2016 at 18:29

Thanks for that Cecile. I will make a note for our next Directors meeting.

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