As the financial technology (fintech) landscape rapidly changes, data is an increasingly critical asset. Fintech companies are businesses that use innovative digital technologies to deliver financial services and products. These can include:
- mobile banking apps
- payment platforms
- investment tools
- cryptocurrency exchanges
Companies House is working with PUBLIC to carry out research into how fintech companies use and value the data on our register. This research follows the introduction of the Economic Crime and Corporate Transparency Act 2023.
Our new powers
Under the act, Companies House has stronger powers to tackle economic crime and support economic growth.
Changes we’ve made as a result of our new powers include:
- introducing identity verification for all new and existing registered company directors, people with significant control (PSCs), and those who file on behalf of companies
- broadening our powers to query and challenge information that appears to be incorrect or inconsistent with information we hold
- implementing more effective enforcement powers
- increasing our ability to share relevant information with partners
These powers represent a fundamental shift in the role of Companies House, from being a collector of information to becoming an active gatekeeper of the accuracy and integrity of information on our registers.
Companies House fintech survey
We’re inviting fintech organisations to take part in our latest survey, which will play an important role in shaping the future of Companies House.
Our research aims to understand the current and future value of the data on our registers specifically for fintech businesses.
By completing the survey, you’ll have the opportunity to provide direct feedback on the relevance and use of our data, helping us to refine our approach and deliver more targeted, effective support to the fintech sector.
Take part in the research
If your fintech company has been approached by PUBLIC to complete this survey, or if you've seen it shared on other channels (for example, social media or industry associations), we encourage you to take part.
Have your say and help influence the services that support your success. It should only take 15 to 20 minutes to complete.
2 comments
Comment by Ihab Abu Hassan posted on
Thankfully
Comment by Ataur Rahman posted on
Companies House is the UK's registrar of companies. Its primary role is to incorporate and dissolve limited companies, and to maintain a public record of company information, including their directors, shareholders, and financial accounts. The statement you provided highlights a significant change in this role.
This change, introduced by the Economic Crime and Corporate Transparency Act 2023, gives Companies House new powers. Instead of just collecting and storing data, it can now actively verify the information submitted to it. This new role as a "gatekeeper" means Companies House can challenge and remove inaccurate or fraudulent data from the company register.
Key Powers of Companies House
The new powers enable Companies House to:
Verify identities: It can now check the identities of all new and existing company directors, People with Significant Control (PSCs), and subscribers to a company.
Query information: Companies House can question and remove inconsistent or fraudulent information from the register.
Reject filings: It has the authority to reject filings that are not accurate, consistent, or complete.
Share data: The agency can share information with law enforcement and other government bodies to help in the fight against economic crime.
These changes are designed to improve corporate transparency and combat the use of UK companies for illicit activities like money laundering, fraud, and terrorism financing.