Register of PSCs

All companies must keep a register of people who have significant control over them. Our model sets out what needs to be included and when.

What is a PSC?

Every company must keep a register of people with “significant control” over them, known as “PSCs”. Significant control is a very broad term, and is explained in our PSC Checklist. Briefly, it includes those with a 25% shareholding or more, and those with other forms of significant influence over how the company is run. Where one company has significant control over another, it is known as a “relevant registrable legal entity” (RRLE), and must also be registered.

Completing the register

Like the other statutory registers, basic information identifying the PSC or RRLE must be included. A statement is also required describing the nature of the PSC’s or RRLE’s control over the company.

Companies must take active steps to identify who should be on the register of PSCs. This process is explained in our PSC Checklist. While investigations are ongoing, companies must include the appropriate statement in their register (see the “Other Entries” page of the model).

Note that the register of PSCs cannot be blank. If the company has investigated and concluded that it does not have any PSCs, it must include the appropriate statement in its register.

PSCs’ addresses

PSCs can give a service address for inclusion in the part of the register that is available for inspection. Their residential address must also be provided to the company, but has to be kept separately and cannot be disclosed to the public. It can only be disclosed to public authorities, e.g. the police or HMRC, and credit reference agencies.

Location

The company’s register can be kept at its registered office or other official location for holding statutory records, or it can elect to use the central register at Companies House. If a company keeps its own register, it also needs to file PSC information at Companies House. Information on the company’s register has to be kept for ten years after a PSC has been removed.

Changes

A company that keeps its own register of PSCs needs to record changes within 14 days. It then has a further 14 days within which it must submit the appropriate form to Companies House to update its register.

Companies that elect to use the central register simply need to file the appropriate form at Companies House within 14 days of the change. There are various forms for different situations:

-          new PSC/RRLE/other registrable person: PSC01/02/03

-          changes to registered details: PSC04/05/06

-          no longer a PSC: PSC07

-          statements regarding investigations, etc.: PSC08/09.

PSC information must also be confirmed as correct in the company’s annual confirmation statement.