How to Change the Person of Significant Control (PSC) Details
- Apr 4
- 3 min read
Changing the details of a Person of Significant Control (PSC) is a crucial task for companies to keep their records accurate and comply with legal requirements. The PSC register holds information about individuals or entities who have significant influence or control over a company. Keeping this information up to date is not just a legal obligation but also helps maintain transparency and trust with stakeholders. This guide explains how to change PSC details clearly and practically.
Understanding Who Qualifies as a PSC
Before changing PSC details, it’s important to know who qualifies as a PSC. A PSC is someone who:
Holds more than 25% of shares in the company
Holds more than 25% of voting rights
Has the right to appoint or remove the majority of the board of directors
Exercises significant influence or control over the company
Has significant influence or control over a trust or firm that meets one of the above conditions
Knowing this helps identify whose details need updating and ensures compliance with regulations.
When to Change PSC Details
You must update PSC details when:
A PSC’s personal information changes (name, address, date of birth)
A PSC no longer meets the criteria (e.g., sells shares or loses control)
A new PSC emerges due to changes in ownership or control
A PSC passes away or becomes incapacitated
Companies must notify the registrar within 14 days of any change and update their own PSC register within the same timeframe.
Steps to Change PSC Details
Changing PSC details involves a few clear steps. Here’s how to do it:
1. Review the Current PSC Register
Start by checking the company’s existing PSC register. Confirm which details need updating and gather the correct information. This might include:
Full name
Date of birth
Nationality
Service address
Usual residential address (kept confidential)
Nature of control
2. Update the Company’s PSC Register
The company must keep an internal PSC register. Update this register with the new details as soon as possible. This record is essential for internal use and must be accurate before notifying the registrar.
3. Notify the Registrar of Companies
You must inform the registrar (such as Companies House in the UK) about the change. This can be done online or by submitting the appropriate form. The main forms used are:
PSC01 to add a new PSC
PSC02 to change details of an existing PSC
PSC03 to confirm that a PSC has ceased to be a PSC
Make sure to submit the correct form with all required details to avoid delays or penalties.
4. Confirm the Update
After submitting the change, check the confirmation from the registrar. The updated information will be publicly available unless certain details are protected for privacy reasons.
Common Challenges and How to Avoid Them
Changing PSC details can sometimes be confusing. Here are common issues and tips to avoid them:
Incomplete or incorrect information: Double-check all details before submission to prevent rejection.
Missing deadlines: Keep track of the 14-day deadline to avoid fines.
Confidentiality concerns: Use the service address option to protect residential addresses from public records.
Multiple PSCs: Ensure all PSCs are updated individually and accurately.
Practical Example
Imagine a company where one PSC sells part of their shares, reducing their ownership below 25%. The company must:
Update the internal PSC register to reflect this change
Submit form PSC03 to notify the registrar that this person is no longer a PSC
If a new PSC emerges, submit form PSC01 to add their details
This process keeps the company compliant and transparent.
Tips for Smooth PSC Detail Changes
Keep a checklist of PSC details to verify before making changes.
Use official government websites for submitting updates to avoid scams.
Maintain clear communication with PSCs to get accurate and timely information.
Regularly review the PSC register to catch changes early.
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