Companies House: Reform
The question
To ask the Secretary of State for Business and Trade, with reference to the Economic Crime and Corporate Transparency Act 2023, what steps his Department is taking to reform Companies House.
Answered by Justin Madders
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) is fundamentally reforming Companies House, enabling it to play a greater role in improving corporate transparency, improving the quality of data and information on the company register and giving Companies House greater powers to contribute to our efforts in tackling economic crime.
The reform of Companies House is backed by £63 million of investment from the Department for Business and Trade and fees have been increased to fund greater investigation and enforcement capabilities.
The first phase of reforms came into force in March 2024. Further measures, including the introduction of Identity Verification, are in the process of being implemented.
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