The institute’s comments are contained in its response to a recent Department of Business, Innovation and Skills (BIS) consultation on the draft secondary regulations needed to set up the register. This consultation closed on 17 July, and BIS says the feedback will be used to finalise planned legislation to be laid before parliament in autumn 2015.

Under the current plans, UK companies will be required to keep a PSC register of people with significant control over the company (by owning or controlling more than 25% of its shares or voting rights, or who otherwise exercise control over a company or its management). The register will include details of an individual’s name, date of birth, nationality, address and details of their interest in the company.