The banking and finance industry strongly supports reform of Companies House as an important factor in a safer and more transparent financial system. To achieve this, an ambitious approach is required that will need to go beyond remedying inefficiencies in the current approach by supporting a transformation in Companies Houses? role and capabilities.

We welcome the 2020 Spending Review announcement of £20 million to support Companies House reform in order to help maintain momentum but think that further investment is required, including through an increase in company registration fees to help ensure the long-term sustainability of the five-year reform programme. As part of this, both innovative technology and dynamic information sharing provide an opportunity for the company registrar to play a proactive and enabling role in the Government's fight against economic crime, including supporting more effective approaches to anti-money laundering and countering the financing of terrorism. Fundamental reform of Companies House also provides an opportunity to support UK competitiveness through more effective business frameworks and modernised Companies House services, allowing for the development of new services to support digital innovation and facilitate smaller firms? access to financial services.