Audit1This article is general information about public company records. Audit1 is not a statutory audit, a regulated assurance service or a substitute for professional verification.
When you look into a UK company, one record worth knowing about is its register of people with significant control, usually shortened to PSC. GOV.UK summary guidance explains who counts.
The conditions
An individual is a PSC if they meet one or more of these conditions:
- they hold more than 25% of the company's shares;
- they hold more than 25% of the voting rights;
- they have the right to appoint or remove the majority of the board;
- they exercise, or have the right to exercise, significant influence or control over the company;
- they are a trustee or a member of a firm that meets one of the first four conditions.
The guidance adds that the first three can be met directly or indirectly, for example through another company, and that agreements to vote or act jointly can count towards the 25% total.
What companies must do
If a company does not immediately know who its PSCs are, it must take reasonable steps to find out. It must also identify PSCs, confirm their details with them and record those details, which include name, date of birth, nationality, country of residence and the date they became a PSC.
What the register does and does not tell you
The PSC register shows what a company has recorded about control. It is a useful starting point for understanding a business, but it does not, on its own, verify anything or give assurance about the company's accounts or conduct. For decisions that matter, rely on professional advice.