Companies House is introducing new penalties to increase compliance and business transparency
Companies House has launched a new fines scheme aimed at improving compliance and transparency in the UK company register, with a focus on tackling abuse and economic crime.
Registered companies are urged to meet their legal obligations, such as submitting verification statements on time, to avoid facing financial penalties or serious consequences.
The new powers, granted under the Economic Crime and Corporate Transparency Act 2023, allow Companies House to take civil action, remove directors, and pursue criminal prosecutions in serious cases of non-compliance. Directors found guilty may face criminal records. Companies House will work with the Insolvency Service and other legal partners to share intelligence and take joint enforcement action where appropriate.
Martin Swain, Director of Intelligence and Liaison at Companies House, emphasized that although the agency will support businesses in meeting their obligations, it will not hesitate to use its new powers if necessary. He said, “These new fines mark a significant step forward by Companies House… to apply the law firmly, but fairly.”
The new penalties are part of a wider effort to improve corporate transparency and combat economic crime, strengthening the integrity of data on the UK company register.
