New powers give insight into how these objectives will be implemented
It will take time for the necessary regulations, systems, and processes to be put in place and we therefore wait to see how and when these new objectives will be implemented in full. Some changes are clearly prescribed. For example, in future, the identity of directors and people with significant control will need to be verified together with anyone filing on behalf of an entity. However, the new powers that will be given to Companies House also provide some insight into how the objectives will be implemented. For example, once in force, Companies House will be able to request additional information to enable it to determine compliance. Companies House will also be able to reject a document if it is inconsistent with any existing information available to it. Both powers suggest that the Companies House could require filings to be accompanied by supporting evidence in the future.
The new powers give Companies House discretion in certain areas that some may not welcome. As an extreme example, in the future Companies House will have the power to strike off a company if it was registered with information that is misleading or deceptive. We, therefore, wait with keen interest to see if Companies House will publish guidance on how it will decide what information is misleading or deceptive.