You may be aware of developments requiring all UK private companies, including companies limited by guarantee and UK LLPs, to keep a Person of Significant Control (PSC) Register.

This has been introduced by the Small Business, Enterprise and Employment Act 2015 to increase corporate transparency by creating a full picture of the ownership of businesses.

Registered Social Landlord (RSL) - Co-operative and Community Benefit Society

Most RSLs are societies registered under the Co-operative and Community Benefit Societies Act 2014 (formerly the Industrial and Provident Societies Act 1965). The new rules requiring a PSC Register DO NOT apply to registered societies, and therefore such a society does not need a PSC Register.

However, the new regulations DO apply to companies that are subsidiaries of (or otherwise linked to) RSLs. Accordingly such a company must have a PSC register. However if the RSL parent is a body registered under the Co-operative and Community Benefit Societies Act then it does not count as a Person with Significant Control for the purposes of the new regulations, even if it owns all the shares.

Please note however that the company still needs to have a PSC register which cannot just be left blank. In these circumstances, the register should contain a statement to the effect that there is no person with significant control.

RSL - Company

If the RSL is incorporated as a company rather than a registered society then it must have a PSC register and would require to be referred to as a PSC in the register of any wholly owned subsidiary.

If your legal structure does not fall within the most common examples referred to above or you are otherwise unclear what steps are required, you can contact our governance team for further assistance.