Companies House begins phased roll out of new powers to tackle fraud

And so it has began! Companies House begins phased roll out of new powers to tackle fraud

First changes to the UK Corporate Law are now officially in place and are being enforced by the Companies House. And surely, the change could not have come soon enough, as only last week we have published a news about the “bogus” filings that have been submitted to the Companies House by around 800 companies claiming they have satisfied their financial obligations, which did raise a very serious concerns.

Vulnerability Highlighted: The fraudulent filings demonstrate a potential vulnerability in the previous system, where false information could be submitted.

New Powers to Address It: The Companies House reforms, including stricter checks and verification processes, aim to address this exact issue.

Improved Transparency: Increased scrutiny and data sharing will make it harder for fraudulent activity to go unnoticed.

These recent events showcase the real-world need for the changes implemented by Companies House. By making it more difficult to misuse the system, they hope to create a more secure and trustworthy environment for businesses and the public.

What exactly are the first changes that has now came in force from the 4th of March 2024 and what do they mean for your business, read in our blog!