ICSM Business News: Company directors given November date to register with Companies House or face a fine and other penalties
By Harry Mottram: Fraudsters, con men and scammers have been using the seemingly legitimate cover of registered companies to rip off suppliers, customers and lenders by simply pretending to be something they are not. They invent companies without registering them with Companies House and use them as fronts to steal cash, goods and services from businesses, suppliers and the public. When their victims take action against them they discover to their horror they disappear, don’t exist and can’t be pinned down. Under the Economic Crime and Corporate Transparency Act 2023 all company directors, persons with significant control in a business and their key partners such as lawyers must be registered at Companies House.
ICSM’s CEO Ian Carrotte has reminded company directors and other key people in firms to ensure they register with Companies House before the November 18 deadline. He said: “We have known bad actors who have pretended to be directors of firms that they have nothing to do with. They do this to fraudulently order goods and services from suppliers of the real companies – leaving the supplier with a major problem. Plans for the verification of a director will help, as a supplier can check to see if the so-called director is who they say they are at Companies House. We must stress that getting a legitimate purchase order in writing is the essential procedure, as that will aid recovery of a debt.
“People of significant influence (PSC) in a company are often the unseen power in a business. When a supplier is chasing up an overdue invoice, they may not know who the person is who will sign off payment. ICSM has known cases where a supplier is chasing up a director, manager or partner in a business who has no influence or authority in signing off payments. It is incredibly frustrating and is sometimes used as a delay tactic to string out payment as long as possible. With PSCs registered at Companies House a check can be made to see if they are essentially ‘the power behind the thrown’ in an enterprise – and that also includes for instance a lawyer linked to the business who must also be verified.
“Yes, as part of the Economic Crime and Corporate Transparency Act 2023 these verification checks are more paperwork and are time consuming but if they help to cut down on fraud and late or non-payment then it is welcomed.”
From 18 November 2025 by law you need to prove who you are to set up, run, own or control a company in this country which is aimed at deterring people intending to use companies for illegal purposes. The idea is to cut fraud and improve transparency, trust and accuracy of information on the Companies House register.
For more visit https://www.gov.uk/guidance/verifying-your-identity-for-companies-house
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