Ownership register must not add new burdens on firms

31st October 2013

Commenting on the speech made by the Prime Minister today about plans to introduce a public register of beneficial ownership, Dr Adam Marshall, Director of Policy at the British Chambers of Commerce (BCC) said: -Most British businesses already have transparent ownership structures, and put clarity and trust at the heart of their corporate governance arrangements.

However, many will be concerned that the introduction of a universal register of beneficial ownership could create unintended consequences for law-abiding businesses, such as increased regulatory and reporting burdens. Ministers must work with business to address these concerns over the coming weeks, and ensure the UK doesn't go it alone when it comes to good corporate governance.