Review of the implementation of the PSC Register

This document describes an evaluation of the UK's People with Significant Control (PSC) Register, which was established to increase corporate transparency by mandating companies to disclose their beneficial owners. The evaluation used a mixed-method approach, including surveys and interviews, to assess the register's implementation and effectiveness from April 2016 to January 2019. It found that while most businesses comply with the register and maintain records of beneficial owners, there are issues with data accuracy and the impact on operations is variable. Stakeholders utilize the register for due diligence, but improvements are suggested, such as better validation and identification features. The Protection Regime, designed to safeguard personal information of individuals at risk, has had a high success rate for address protection but a low rate for full information protection. The evaluation concludes that the PSC Register is beneficial for corporate transparency but requires enhancements to its verification processes, digitalization, and legislative scope to improve its effectiveness and the quality of information provided. Companies House staff view the Protection Regime positively but see room for improvement, and the financial burden on businesses for compliance is relatively low. Further details on the evaluation can be accessed on the www.gov.uk/beis website. **This summary was written by an AI model and therefore should not be considered a definitive summary of the report. If you are aware of inaccuracies, please email evaluation.registry@cabinetoffice.gov.uk.**

Description

• Lead department: Department for Business, Energy & Industrial Strategy
• Evaluation stage: A complete evaluation report
• Other departments: No other departments listed
• Evaluation types: Impact evaluation; Process evaluation
• Impact methods: Generic research method
• Process methods: Individual interviews; Surveys and polling
• Grant information: This intervention is not distributing funding via a grant
• Government Major Project information: This intervention is not a major project
• Policies: No policies provided

Event Dates

• Event Name: Publication of final results
• Event date: March 2019

Evaluation Costs

• Cost: Not provided

Evaluation sharing

• Link(s) to published report(s): Yes
• Links to evaluation plans: No link provided
• Findings: Not provided
• Permission to share confirmed: Yes