Regulation 30A sets out that:
In relation to this new regulation, ‘discrepancy’ is not defined, however they are to be interpreted as any material differences, or differences which are identified between the PSC information which Companies House holds for a company and any documentation or records which the obliged entity holds for the company in question.
Despite not being defined within the regulation, a discrepancy may relate to:
If the obliged entity has clearly identified that the beneficial ownership differs between the two sources of information, they are under a duty to report this to the Registrar of Companies.
For the purposes of Regulation 30A, an obliged entity is:
If a discrepancy is identified by the obliged entity when they are establishing a new business relationship with a company (after 10 January 2020), a Discrepancy Report must be filed. It must be filed as soon as reasonably practicable.
Due to the requirement that reports must be filed as soon as reasonably practicable, bulk reporting is not permitted. Each report must be filed on a case by case basis, and reports must not be ‘stockpiled’ and made on a periodic basis.
It is possible to make a Discrepancy Report online via the gov.uk website, and the following information should be included within this report:
Once the report is received by Companies House, it will be reviewed and investigated. The company which the report pertains to will not be made aware that a report has been made about them.
If Companies House deem the report to be serious enough in nature, the company in question will be contacted directly. Companies House will request that the company give their comments in respect of the inconsistency, and request that they rectify the issue to ensure the PSC is accurate going forward.
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