With this update Inform Direct will let you know when share transactions are completed that the persons of significant control (PSC) information may need to be updated. This is designed to help you keep the PSC information up to date by allowing you to compare the PSC details to the company’s shareholdings on one screen.
A popup will, where the shareholdings do not match the existing PSC information, appear telling you that the PSC information needs to be reviewed as a result of you having just completed:
- a share allotment
- a transfer of shares
- a purchase of own shares
- a share capital reduction
- a share redemption
You can easily close the popup if you need to complete other share transactions. Alternatively, you can opt to review and update the PSCs.
Review PSCs screen
Use Inform Direct to record PSC changes
Inform Direct makes it easy to keep your company PSC records and submissions to Companies House in line with changes to shareholdings
Selecting ‘Review / update’ from the popup will take you to a new screen – the Review PSCs screen – which you can always access from the main PSCs screen.
This screen will show all shareholders and PSCs, including relevant legal entities (RLEs), with the following information:
- their roles – shareholder, PSC or both shareholder and PSC
- their respective shareholdings across all share classes of the company
- their percentage of shares held of all share classes, excluding shares held by the company in treasury
- their current PSC control reasons
If there are no PSCs then either the applicable companywide statement will be shown or the fact that the company has no PSC information.
You can then easily update the PSC information from either the pencil options for each person or the blue buttons on the right to:
- remove an existing PSC / RLE
- change the PSC control reasons
- add a shareholder as a PSC / RLE
- remove a companywide PSC statement
- add a companywide PSC statement
Limited by guarantee companies and LLPs
The review PSCs screen is also included for companies limited by guarantee and LLPs to enable you to compare the members to the PSCs.
Incorporations and PSCs
In a similar way we have added a popup to our incorporation wizard where the PSC information may not be correct, allowing you to review this to see if any changes are needed before you leave the ‘Persons’ wizard section.
This compares the PSC details to the:
- shareholders for companies limited by shares (as shown in the example to the right)
- members for companies limited by guarantee
- designated LLP members for LLPs
Inform Direct allows you to keep the PSC information up to date for all of your clients with simple step by step processes and guides to help you.
Let us know any feedback you have
Please do let us have any feedback on this or any other features of Inform Direct and any enhancements that would help you with your company secretarial work.
We continually make improvements to Inform Direct, which you can see on our timeline of updates.