Tim Moss Director of Corporate Strategy Presentation Overview of Companies House Fraud facts and Figures Current Work Prevention Future Actions.

Tim MossDirector of Corporate Strategy

Presentation

Overview of Companies House Fraud facts and Figures Current Work Prevention Future Actions Questions

Our vision

… is to excel as a registration authority and source of public information, for the benefit of the UK economy.

Companies House

Our role: we are a registry we receive documents as laid down in the CA, and we make them available to the public We help companies comply Chase and prosecute when they don’t

Our role is not: to tackle corporate malpractice to make judgements on

company information to promote limited companies

Fully Electronic Operation Readily and freely accessible information A cost efficient, reliable and up-to-date registry Satisfied customers who want to use our products Act with others in government to benefit companies

and business Skilled and committed staff who enjoy working for

Companies House

Our aims

Companies House Companies House is an Executive Agency of the

Department of Trade and Industry

Trading Fund with a turnover of £57 million

1,200 staff

Live register - 2.0 million companies

Growing at 140,000 companies per year

13,200 PLCs

Register 7 million documents this year

Image database approx. 60 million images

30 miles of paper files

Key challenges

Customer Service “e” transformation Efficiency Technology Changes New Companies Bill Deregulation Fraud Control

Fraud

Fraud

Facts and Figures– Measured since 2002

– Approximately 50 cases a month

– Over 500,000 standard filings a month (0.01%)

– 1 case could cost £1m.

False Filing Cases May 02 - July 05

0

20

40

60

80

Jan

-02

Jan

-03

Jan

-04

Jan

-05

Jan

-06

False Filing Cases

33%

32%

11%

9%

7%

0 % 5 % 1 0 % 1 5 % 2 0 % 2 5 % 3 0 % 3 5 %

Officer appointedwithout consent

RO changed wthoutconsent

Address used withoutconsent

Warring directors

Officer resigned withoutconsent

Fraud

Key Areas– Company Hijacks– False Appointments– False Auditors– False Financial Information

Fraud

Key Issues– Statutory Basis– “Good Faith”– Nature of the Registry– Fast Registration– Deregulation Agenda– Data Validation & Cost Recovery– Document Removal

Fraud

Current Work– Focus on Hijacks– Operation Sterling– Police Liaison Officer– Publicity– Home Office Identity Fraud Steering Group– Work with Business Organisations– 3 Point Plan

our 3 point plan toprevent identity fraud

1.Electronic Filing

3. Monitor

2.PROOF

Electronic filing

safe and simplea secure system for the quick and easy

online submission of company information

STEP 1

PROOFPROtected Online Filing

STEP 2

Monitor

STEP 3

Get the bigger picture

Monitor

get the bigger picturepre-order specified documents submitted

by the companies you wish to monitor

WebFiling

safe and simplea secure system for the quick and easyonline submission of company information

Companies House Direct

at your fingertipsonline access to the statutory records of

over 22 million registered companies

Fraud

Future Work– Crime Analysis– Promote 3 Point Plan - Only 50,000 Companies

on PROOF– Monitor on Webcheck– Raise Awareness– Work with Police, Business and OGDs– Evaluate Electronic validation options– Specific Offence in Company Law Reform Bill

Any Questions?