Triumph For Transparency Or Snooper's Charter?

In March of last year, the UK Parliament enacted the Small Business, Employment Act 2015 which contains amendments to the Companies Act 2006. These amendments, once in force, will require companies registered in the UK to maintain registers of individuals who have significant control over a company and will also provide for the introduction of a publicly accessible central register from 2016.

The Department of Business and Skills in the UK published its 65 page consultation paper on 19 June. The focus will be on the creation of a workable register of people with significant control ("PSC Register"). Baroness Neville-Rolfe in the foreword said this:

"...the development of the [PSC Register] has been driven by one question: 'how can we keep this simple?' The final scheme strikes a balance between information that can be supplied quickly and without undue burden but that is still enlightening and meaningful."