Identity Verification Still Incomplete Across Multinationals as ECCTA Transition Period Nears End

Published: October 20, 2026

Multinational businesses with UK entities risk falling short on Companies House identity verification and have significant gaps still to close as the 12-month transition period nears its end, according to new research from Vistra, a leading provider of essential business services.

Vistra surveyed 300 directors at multinational businesses with a UK presence, including 50 UK-based directors. While 84% said their organisation was prepared for the new identity verification requirements, the average proportion of relevant directors and persons with significant control (PSCs) who had completed verification stood at just 61%, and only 9% reported full completion.

The findings come as the 12-month transition period, which began when mandatory identity verification was introduced on 18 November 2025, nears its end. Existing directors must provide their personal code with their company’s next confirmation statement, while existing PSCs have individual verification periods based on their circumstances. The research also follows the first court action for identity verification offences, with three directors fined in September following prosecutions brought by the Insolvency Service.

Many businesses have also yet to complete some of the key practical steps required for verification, with only 26% saying they had checked that Companies House records for directors and PSCs were accurate. Meanwhile, just 20% had identified all directors and PSCs requiring verification and 22% had obtained and recorded the necessary Companies House personal codes.

The picture is particularly pronounced among UK-based respondents. While 86% said their organisation was prepared, none said all relevant directors and PSCs had completed verification. On average, UK respondents estimated that 60% had completed the process, with only 14% at least three-quarters of the way through.

Cross-border structures are adding to the challenge, with more than three-quarters (76%) saying verifying directors and PSCs based outside the UK had created additional compliance complexity. Among respondents with directors or PSCs based outside the UK, coordinating people across different jurisdictions and time zones was the most commonly cited barrier (27%), followed by differences in identity documentation and data protection or information-sharing concerns (both 24%).

The process is also uncovering issues in the corporate information businesses hold. Almost three in ten respondents found discrepancies between Companies House and internal records (30%), missing supporting documentation (29%), out-of-date director information (29%) or incorrect or incomplete PSC and ownership information (29%). Only 1% said their review had uncovered no issues.

The wider ECCTA reforms are also adding to the time businesses spend managing their UK entities. Two-thirds (66%) of respondents said recent corporate transparency, identity verification and corporate liability requirements had added at least 10 working hours a month, with an average increase of 13.9 hours. Among UK-based respondents, the average rises to 17.3 hours a month, equivalent to almost 26 eight-hour working days a year.

Meg Ogunsola, Global Head of Entity Management, Vistra, commented: “There is a clear gap between how prepared businesses feel and how much of the practical work has actually been completed. For multinationals, this challenge is magnified by having directors, PSCs and corporate information spread across multiple jurisdictions.

“These reforms are an important step towards improving corporate transparency, but they are also creating additional work for businesses. The findings show why having accurate entity data, clear ownership of the process and visibility over individual verification requirements is so important. As the transition period nears its end, businesses should be clear on who still needs to verify, their individual due dates and whether the information supporting that process is accurate and complete.”

The research also found significant differences in preparedness and implementation between markets:

• US: Reported the highest preparedness at 94%, despite having the lowest average completion level at 55%.
• EU: Reported the highest average completion level at 73%, with 34% saying all relevant directors and PSCs had completed verification.
• Middle East: Reported the greatest cross-border complexity, with 88% saying verification of directors and PSCs based outside the UK had created additional compliance complexity.
• APAC: Recorded the lowest preparedness at 72%.
• UK: Reported the highest additional administrative impact, at an average of 17.3 hours a month.