Economic Crime and Corporate Transparency Act 2023

A major legal change is on the horizon and it affects every director and PSC involved in the running of a UK company, including residential management companies.

From autumn 2025, under the Economic Crime and Corporate Transparency Act 2023, all directors and Persons with Significant Control (PSCs) must verify their identity with Companies House.

While many firms are handling this quietly in the background, we believe our clients deserve full visibility into what’s happening and how we’re preparing on their behalf.

So, What’s Changing?

This isn’t just another form to complete. The law is designed to:

Stop people from using companies for criminal or dishonest purposes
Improve transparency in the UK’s corporate system
Ensure every director is personally identifiable and accountable

If you don’t verify your identity, you may:

Be barred from acting as a director
Prevent your company from filing legal documents
Be subject to fines or disqualification

How Are We Supporting Our Clients?

We’ve rolled out a full, structured support plan to help directors meet the new requirements. Here’s what Cleaver are doing:

1. Notifying Directors Early - We’ve contacted all directors across the companies we manage using tailored letters and templates, clearly explaining what’s required and when.

2. Offering Step-by-Step Guidance - We’ve created easy-to-understand materials to help directors:

Choose how to verify (online, Post Office, or via an ACSP)
Understand the process
Get support if they’re unsure where to start

3. Tracking Progress Internally - We maintain a compliance checklist for every company we manage. This allows us to:

Track which directors have verified
Send timely reminders to those who haven’t
Avoid last-minute compliance issues

4. Helping Boards with Removal (If Needed) - If a director refuses to verify and the company’s Articles allow for it, we’ll assist with:

Legal guidance
Notices and paperwork
Filing director removal forms with Companies House

5. Answering Questions Along the Way - We’ve trained our team to answer queries about the new rules and if needed, we’ll help connect you with a solicitor or accountant who can act as an Authorised Corporate Service Provider (ACSP).

Why Does This Matter?

This legislation is a major step forward in protecting companies and the people who run them. We believe in staying ahead of compliance and ensuring our clients feel confident, not confused.

By taking this proactive approach, Cleaver Property Management is helping to: