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Secretarial Compliance

UK Banks are on High Alert Due to the Suspicious Filings

04/03/2024

Hundreds of suspicious filings were recently discovered at Companies House

Recently, the UK's central registry for companies – Companies House has identified hundreds of suspicious filings submitted through their system. These filings, flagged as "rogue," indicated the satisfaction of financial liabilities for various companies, which are essentially security interests held by creditors over a company's assets.

This raised serious concerns about potential fraud or hacking attempts.

Current Situation:

Number of Filings: Around 800 "rogue" filings were identified.

Affected Companies: Identified filings are pertained to approximately 190 companies.

Nature of filings: The filings falsely claimed that financial liabilities of the companies had been discharged.

Investigation is underway: Both Companies House and the Department for Business and Trade are currently investigating the matter.

Banks have been advised: UK Finance, the banking trade association, issued an urgent notice to its members regarding the suspicious filings.

Concerns and Implications:

Potential Fraud or Hacking: The nature of these filings raises concerns about potential attempts at fraud or even a hacking incident targeting Companies House.

Impact on Lenders: While Companies House clarifies the incorrect entries do not invalidate the charges, the incident creates complexities for lenders who need to verify the status of their claims.

Scrutiny on Companies House: The incident has brought scrutiny upon Companies House, raising questions about the robustness of its security measures and registration processes.

While Companies House clarified that the inaccurate filings don't invalidate the actual charges, the incident highlights potential vulnerabilities in the system and presents challenges for both lenders and the affected companies. The investigation aims to uncover the source of these filings and implement measures to prevent similar occurrences in the future.

This incident highlights the importance of robust security measures and regulatory oversight to safeguard the integrity of business registers and protect against potential financial crimes. As the investigation progresses, further details and potential consequences are likely to emerge.