Warning on Rogue Filings at Companies House
Last week UK Finance, the banking trade association, issued a warning to banks regarding approximately 800 rogue filings relating to 190 companies that had been submitted to Companies House, apparently related to the discharging of erroneous satisfaction of registered charges.
This news comes at the same time as new laws come into force, as part of the Economic Crime and Corporate Transparency Act 2023, giving Companies House greater powers to query, reject, clarify, and remove incorrect information from the register.
Whilst the registrar is working to investigate the matter, and mitigate the risks, it has stated that these incorrect filings – saying a charge has been satisfied – remain valid and enforceable.
A holistic approach to KYB
For nCino Identity Solutions, issues like this highlight the importance of a holistic approach to KYC/KYB and real-time screening of company data. In addition to Companies House data (of which we deliver live updates to documents, including mortgages, charges, and debentures), nCino Identity Solutions provides fast and easy access to comprehensive data on every company in the UK & Ireland – 250 billion data points from more than 40 sources (including credit reference agencies and a range of specialist data partners).
This can assist to not only validate firmographic data from Companies House, but deliver a broader, and deeper view of a company’s health. nCino Identity Solutions users are also able to track their clients and receive notifications when a mortgage is satisfied, prompting further review if necessary.
nCino Identity Solutions customers can rest assured that we are monitoring the situation to ensure that accurate information is provided via our suppliers. Get in touch with your account manager if you have any questions or concerns about the Companies House rogue filings.
