New laws to protect company directors
2nd March 2018
Limited company directors are set to receive new laws to protect their identities from fraudsters later this year.
Coming into effect by the end of summer 2018, the regulations will allow company directors to remove their personal addresses from the official Companies House register.
The measure was introduced following research by fraud prevention organisation Cifas, which found that directors were "disproportionately targeted" by identity fraudsters.
Company directors are the victims of 1 in 5 identity thefts in the UK, making them twice as likely as any other member of the public to be targeted.
Cifas suggested this was down to the higher value of tangible assets owned by directors, along with the availability of their personal information.
Directors will still be legally required to provide their business address under the new laws, but this information will no longer be in the public domain.
Andrew Griffiths, business minister, said:
"Through our Industrial Strategy we have set our blueprint for ensuring we build on our reputation as one of the best places in the world to start and grow a business.
"These new laws will protect new and existing business owners from potential harm and identity fraud, while ensuring we maintain our high standards of corporate transparency."