As Britain prepares to enforce sweeping identityverification rules under the Economic Crime and Corporate Transparency Act(ECCTA), a new survey shows that most directors are not yet ready, despite thedeadline being less than three weeks away. The findings reveal a concerning gap in compliance, just as Companies House prepares to tighten oversight ofcorporate transparency.Join IG, CMC, and Robinhood at London’s leading trading industry event!Half of Firms Still Not Ready for VerificationVistra’s latest global pulse survey found that 52% ofcompany directors at international firms operating in the UK have yet to meetthe ECCTA’s mandatory identity verification requirement, set to begin on 18November 2025.The law requires all directors, Persons withSignificant Control (PSCs), and anyone filing on behalf of a company to verifytheir identity with Companies House. Yet Companies House data suggests theactual compliance rate may be even lower—fewer than one in five of theestimated seven million individuals have completed verification so far.Firms that miss the deadline risk fines, filing bans,or even director disqualification. Only 56% of directors surveyed wereconfident they had correctly identified all PSCs within their organizations,heightening the risk of administrative and reputational fallout.According to Meg Ogunsola, Global Director of EntityManagement Solutions at Vistra: “Companies House data shows that fewer than onein five of those required to verify have done so, and early action will becritical in avoiding disruption and potential backlogs once verificationbecomes a legal requirement.”Starting 18 November 2025, all newly appointed companydirectors and PSCs must verify theiridentity before they can be incorporated or appointed. Existing directors willbe required to complete identity verification when filing their nextconfirmation statement, with full compliance required by November 2026Awareness Still Alarmingly LowDespite being one of the most significant corporategovernance reforms since Companies House was established in 1844, nearly athird of respondents remain unaware of ECCTA requirements or key deadlines.Recently commenting about the move, Jonathan Frost, Director of Global Advisory for EMEA at BioCatch, said: “The announcement from Companies House that it will verify the identities of directors and beneficial owners is a vital step forward for corporate transparency. However, the proposed 12-month phased rollout leaves a clear window for criminals to abuse.”Related: UK Company Directors Must Verify Identity or Risk Losing Role Under New Law Starting NovemberCompliance gaps are not limited to identityverification. Only 53% of respondents whose companies qualify under the newFailure to Prevent Fraud offense reported being compliant, despite the measure taking effect on September 1, 2025. The offense applies to largecompanies—those with turnover above £36 million, assets exceeding £18 million,or more than 250 employees—and carries unlimited fines for breaches.UK Lags Behind Global CounterpartsIronically, firms based in the UK are the leastprepared globally, according to Vistra’s data. Only 72% of UK directors wereaware of the ECCTA, compared to 76% in the EU, 90% in APAC, and a full 100% inthe US.US firms also lead in compliance, with 65% for identity verification and 71% for the fraud prevention rule, compared to just 38% and 44%,respectively, among UK firms.The disparity extends to perceptions of risk. While100% of US respondents expressed concern about penalties or reputational harm from non-compliance, only 59% of UK respondents reported the same concern. Despite the short-term challenges, the ECCTA’s tougherverification standards appear to be boosting the UK’s reputation fortransparency. Two-thirds of global directors surveyed stated that they are now more likely to approve the creation of UK subsidiaries or entities due to the new regime—an indication that stricter compliance rules may ultimately strengtheninvestor confidence in the long run.This article was written by Jared Kirui at www.financemagnates.com.