BusinessCorporate FinanceCompanies House to act on scams

Companies House to act on scams

Companies House vows to monitor how company accounts are submitted to its database.

Companies House has vowed to monitor how company accounts are submitted to its database in an effort to clamp down on fraudulent activity and the identity theft of auditors.

Accountants have become unwitting victims of fraudsters who have been using their names to verify the bogus accounts of fake companies.

Last week, Companies House told Accountancy Age that it would ‘certainly’ take the problem up in its continued drive to reduce fraud.

‘This is the first time that this problem has come across my desk,’ said Paul Reynolds of Companies House. ‘What I will have to do is talk to the people who develop the filing system. This is something I will take up. The reduction of fraud is in our interests.’

Last week’s revelations struck a nerve in practices across the country.

Carl Meedham, of credit check agency D&B, said that so-called ‘long-firm’ frauds, of which this is an example, lead to the loss of billions of pounds every year. ‘This is just the tip of the iceberg,’ he said.

Accountancy Age has fielded calls from accountants who have been caught out. ‘There is no reason why it should stop,’ said Jonathan Ford, director at Jonathan Ford & Co.

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer