Economic Crime: Planned Government Bill

Lord Vaux of Harrowden Excerpts

Monday 31st January 2022 Lords Chamber

[Lord Callanan (Con)]

I thank the noble Lord for his fascinating question.

[Lord Vaux of Harrowden (CB)]

My Lords, it seems that this Bill will be some time in coming, but surely there are things we can do more quickly. For example, the Companies Act 2006 sets out clearly what information is required on directors and shareholders. Is it actually necessary to legislate for Companies House to verify that information? It may not be able to refuse to register the information, but there is nothing to stop it flagging the fact that the information is unverified.

[Lord Callanan (Con)]

I am afraid that it is necessary for primary legislation to enact the reforms of Companies House. This is an area for which I am responsible, and I work closely with Companies House on it. I get a steady flow of complaints from noble Lords and from Members of Parliament about abuses of the Companies House register. There is a certain amount that we can do with the funding that I announced in terms of reforms, but the primary reforms require primary legislation.