Member

I turn to the register of people regulations. This SI ensures that information relating to an important person with significant control continues to reach Companies House under the new regime. As I said earlier, I am grateful to the noble Lord, Lord Vaux, for asking a number of the questions that I would have asked, so I will not bother to repeat them. The SI streamlines the reporting process by shifting from local registers to a centralised model, and it reduces administrative duplication while improving the accessibility and timeliness of data, which is very welcome. It is clear that transparency of ownership and control is essential to maintaining the UK’s reputation as a safe and trusted place to do business, as the Minister pointed out. We on these Benches believe that the reforms to this regime, first introduced in 2016, are being enhanced and future-proofed by this instrument.