UK companies lag in ECCTA compliance readiness
The ECCTA mandates identity verification for all directors, persons of significant control (PSCs) and company filers by autumn 2025, yet less than 3% have complied so far.
The ECCTA represents the most substantial reform to the UK's Companies House since 1844, introducing stringent requirements for identity verification and a new offence for failing to prevent fraud.
Despite the impending changes and the risk of unlimited fines, Vistra's survey of 100 UK company directors reveals that 39% are unaware of the ECCTA deadlines. The act's enforcement could lead to disqualification of company officers and prohibit companies from filing documents or engaging in acquisitions.
Larger practices demonstrated a greater degree of preparedness, with 37% indicating they are very prepared and 49% expressing confidence in their processes to meet the 'reasonable procedures' requirement of the new offence. However, the sentiment among companies is that the ECCTA is burdensome, with 58% holding this view and only 23% disagreeing.
Vistra global director of entity management solutions Meg Ogunsola warns that many businesses are underestimating the ECCTA's scale and urgency.
Ogunsola advises that acting early is crucial to avoid bottlenecks and severe financial penalties. She notes that Companies House will adopt a strict stance against non-compliant businesses and highlights the need for alternative solutions for overseas directors and those reliant on paper documents.
'Given the scale of the reforms and the administrative burden, it is no surprise that we are seeing many organisations seek specialist support to ensure they meet their obligations efficiently and effectively,' Ogunsola said.
"UK companies lag in ECCTA compliance readiness" was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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Yahoo
3 days ago
- Yahoo
UK companies lag in ECCTA compliance readiness
A study by Vistra has disclosed that a mere 28% of UK directors are prepared for the Economic Crime and Corporate Transparency Act (ECCTA), with the smallest companies being the least prepared and none confirming readiness. The ECCTA mandates identity verification for all directors, persons of significant control (PSCs) and company filers by autumn 2025, yet less than 3% have complied so far. The ECCTA represents the most substantial reform to the UK's Companies House since 1844, introducing stringent requirements for identity verification and a new offence for failing to prevent fraud. Despite the impending changes and the risk of unlimited fines, Vistra's survey of 100 UK company directors reveals that 39% are unaware of the ECCTA deadlines. The act's enforcement could lead to disqualification of company officers and prohibit companies from filing documents or engaging in acquisitions. Larger practices demonstrated a greater degree of preparedness, with 37% indicating they are very prepared and 49% expressing confidence in their processes to meet the 'reasonable procedures' requirement of the new offence. However, the sentiment among companies is that the ECCTA is burdensome, with 58% holding this view and only 23% disagreeing. Vistra global director of entity management solutions Meg Ogunsola warns that many businesses are underestimating the ECCTA's scale and urgency. Ogunsola advises that acting early is crucial to avoid bottlenecks and severe financial penalties. She notes that Companies House will adopt a strict stance against non-compliant businesses and highlights the need for alternative solutions for overseas directors and those reliant on paper documents. 'Given the scale of the reforms and the administrative burden, it is no surprise that we are seeing many organisations seek specialist support to ensure they meet their obligations efficiently and effectively,' Ogunsola said. "UK companies lag in ECCTA compliance readiness" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
25-07-2025
- Yahoo
Bath Rugby finances revealed following Gallagher Premiership win as sport faces 'crisis'
Bath Rugby is facing mounting financial pressure, along with all the clubs in the Gallagher Premiership, as experts warn over the future of the sport. Despite a historic win for Bath in June, which saw the South West side take its first title in 29 years, off the pitch there is less to celebrate. Bath Rugby Limited - the operating company behind the club - is millions of pounds in debt. The company turned over £20.8m for the financial year ending June 30, 2024. This was up on the £19.7m the year before, but it still made a loss of £3.6m, while its net debt stood at £17.2m. Rugby has long been reliant on owners and benefactors to cover ever-mounting debt burdens. Three major clubs - Wasps, Worcester Warriors and London Irish - have already disappeared from the Premiership after collapsing in the 2022-23 season, but it is 'not impossible' that more could go under if changes are not made, one sports finance expert has warned. 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'Rugby at the very basics is a loss-making industry and 60 per cent [of clubs] are technically insolvent,' she told Business Live. Professor Philippou says broadcasting deals and competition from countries like France, drawing top players out of the league with tax incentives, has proved challenging for the sport. 'Rugby is [also] shooting itself in the foot by going behind a paywall with broadcasting deals. People need to be able to watch it. 'You can do that by splitting broadcasting agreements or being clever with digital content to get people interested in the club game, and then that can pull through into actual money.' But she says clubs losing money does not necessarily sound "the death knell' for the Premiership, and that rugby could learn some lessons from cricket. 'Tapping into other formats might be a way forward for the sport,' she explained. 'That is how cricket is rejuvenating itself as it had a similar issue.' 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Los Angeles Times
25-07-2025
- Los Angeles Times
EPA OKs ‘unprecedented' cleanup plan for battery plant months after toxic Monterey County fire
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