The survey reveals that compliance challenges extend beyond identity verification. Credit: Summit Art Creations/Shutterstock.com.
With just two weeks remaining before the mandatory identity verification deadline under the UK’s Economic Crime and Corporate Transparency Act (ECCTA), a new global pulse survey by Vistra reveals that UK ECCTA identity verification compliance remains low among international firms operating in the country.
The survey highlights that more than half of company directors admit their organisations are not yet compliant with the new requirements, despite the regime beginning on 18 November 2025.
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According to Vistra’s survey of 100 company directors at international firms with UK operations, 52% said their organisations have not completed the necessary identity verification.
This is in line with Companies House data, which indicates that about 800,000 of the estimated seven million required individuals have completed the process.
Firms that fail to verify their directors before submitting their next confirmation statement, or Persons with Significant Control (PSCs) when required in the following year, risk significant fines and reputational harm.
The ECCTA requires all directors, PSCs, LLP members, and anyone filing on behalf of a company to verify their identity with Companies House.
However, only 56% of directors surveyed are confident they have correctly identified all PSCs within their organisations.
Inaccurate identification or verification of PSCs can result in severe penalties, including fines, bans on document filing, and possible removal from the Companies House register.
Awareness of the ECCTA’s requirements remains a challenge.
Nearly one in three respondents were unaware of the law’s obligations or deadlines.
Given that the ECCTA represents the most significant reform to UK corporate transparency since Companies House was established in 1844, this lack of awareness is a cause of concern.
Compliance challenges extend beyond identity verification.
Among respondents whose companies meet the Failure to Prevent Fraud offence criteria, only 53% believe they are compliant, despite the offence having come into force on 1 September 2025.
This regulation applies to companies meeting two of three criteria: annual turnover over £36m, assets above £18m, and more than 250 employees. Non-compliance can result in unlimited fines.
Despite the UK’s reputation for strong corporate governance and influence on international standards, the survey shows that UK-based firms are the least prepared globally.
Only 72% of UK directors surveyed were aware of the ECCTA, compared to 76% in the EU, 90% in APAC, and 100% in the US.
UK respondents also had the lowest compliance rates for identity verification (38%) and the Failure to Prevent Fraud offence (44%). In contrast, US respondents led with compliance rates of 65% and 71%, respectively.
This situation is reflected in levels of concern about non-compliance. Only 59% of UK respondents expressed worry about penalties, operational disruption, or reputational harm, compared to 100% in the US, 85% in APAC, and 75% globally.
Despite these challenges, the ECCTA’s rigorous standards are strengthening the UK’s position as a global benchmark for corporate governance.
Two-thirds of global directors surveyed said they are now more likely to approve the establishment of new UK subsidiaries or entities due to the ECCTA’s verification requirements, reinforcing the UK’s reputation as a transparent and secure market for investment, stated Vistra.
Vistra global director of entity management solutions Meg Ogunsola said:
“With the rollout of mandatory identity verification beginning just weeks away, firms should not wait until their next confirmation statement to prepare. Companies House data shows that fewer than one in five of those required to verify have done so, and early action will be critical in avoiding disruption and potential backlogs once verification becomes a legal requirement.”
Ogunsola further added: “Companies House has made clear it will take a hard line on non-compliance and is already cracking down on fake directors. Firms that wait could face backlogs, enforcement action and lasting damage to stakeholder confidence.
“Global organisations should also note that Companies House’s direct verification process does not support non-biometric passports, underlining the need to move quickly and explore alternative routes, like working with Authorised Corporate Service Providers (ACSPs). Firms must act now or risk significant consequences.”
Vistra is a provider of essential business services, supporting companies and private capital funds across the business and investment lifecycle.
The company handles right from HR and taxation to legal entity management and regulatory compliance, resolving operational and administrative disruptions.
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