Insolvency Service, Companies House, OFSI and FCA updates
IPA Insolvency Practitioner newsletter, May 2025
Insolvency Service
The Economic Crime Reform Implementation Unit: An Introduction
The Economic Crime and Corporate Transparency Act (ECCTA) 2023 expanded the enforcement responsibilities of the Insolvency Service. The Insolvency Service is now responsible for prosecuting approximately 290 of some 340 offences in the Companies Act 2006 and related Acts.
ECCTA has added more than one hundred new offences to the Companies Act, including to enforce higher requirements governing company names, accuracy of filings, verification of directors and others, and a tighter framework governing those acting as company agents. Measures within ECCTA include significant reform of the role of Companies House to improve the transparency of UK corporate structures, and to reduce the risk of UK companies and corporate entities being used as vehicles to facilitate illicit activities such as money laundering, fraud, and corruption.
ECCTA has also provided the Insolvency Service with a fee funded income stream for our corporate investigation and enforcement activity, key to helping us achieve a sustainable funding model. This has allowed us to grow our enforcement capabilities.
A new Economic Crime Reform Implementation Unit (ECRIU) has been established to help oversee the new reforms. The ECRIU will work closely with investigation and enforcement teams to build a strong enforcement partnership with Companies House with the aim of strengthening the UK’s business environment, improving transparency over corporate entities and tackling economic crime.
The ECRIU is also supporting the development of the Insolvency Service’s new investigation and enforcement strategy and exploring opportunities for stronger collaboration with key enforcement partners.
During March and April 2025, the ECRIU met with the recognised professional bodies (RPBs) to introduce our work on the new strategy and Companies House reforms. In addition, the discussions also covered potential impacts and opportunities that these changes could create for the insolvency profession. We are grateful for the support offered by the RPBs in keeping IPs informed throughout this process of change, and providing us with opportunities to engage with the profession. In the meantime, should you have any questions or queries you wish to raise with the team, you may reach out to our mailbox at ecriu@insolvency.gov.uk
Insolvency Service to take on the work of the National Investigation Service
On 15 May the Department for Business and Trade announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service. Read more
Companies House
Apply to file with Companies House using software
Use this service to apply for a presenter account to file company accounts, and documents that do not have a filing fee, with Companies House using software. Read more
OFSI
On 28 April 2025 the General Licence INT/2025/6160920, Legal Services was issued.
Anyone intending to use General Licence INT/2025/6160920 should consult the copy of the Licence for full details of the definitions, permissions, and usage requirements as these do not mirror those of General Licences INT/2022/2252300 or INT/2023/2954852 or INT/2023/3744968, INT/2024/4671884 or INT/2024/5334756.
FCA
The FCA has updated its non-Handbook guidance for Insolvency Practitioners (IPs) on how to approach insolvencies of regulated firms.
The guidance aims to help IPs comply with the FCA’s rules and guidance, and relevant legislation, to achieve better outcomes for consumers and market participants when a regulated firm fails.
The guidance is aimed at IPs appointed (or looking to be appointed) over regulated firms, including provisional and interim appointments e.g. a provisional liquidator.