Introduction and thanks Outline presentation; Overview of UK Register and our strategy Our work on trusted info / data accuracy and integrity How customers use the register Our future plans
Our role and purpose Move from being just a repository / register into being an information provider. This has made us look again at what we are about and what we need to do to ensure we provide information our customer value.
We have 2 strategic goals to help us deliver our core purpose: Serving our customers well , making sure each interaction works well, and making sure we provide with information they trust and have confidence in. Let’s look at these in more detail:
First –excellent customer experiences 4 parts of this strategic goal: Excellent products and services: based around our e offering Available services: 24 x 7 , multiple channels Quality Services: Operating at high levels of performance and quality Excellent support: Services supported by high quality staff
Second trusted information: For Data Accuracy and Integrity read trusted: In looking at this we have split it into 4 areas: Implementing and influencing legislation, making sure companies provide the right information. Up to date information, making sure companies supply the information on time Secure delivery, making sure the information come from the right source. And Accurate information, Before we look at each one in more detail – lets consider what customers search and whether they currently trust the information:
We get 450,000 searches on free company information each day and sell a company document every 4 seconds. Accounts are the most popular at 34% followed by Annual returns at 30%, Directors details ( although this is also key data on the AR) at 13% Incorporation docs at 10% and mortgage information at 7%. We carried out market research on search customers in 2009 and one of the questions we asked was whether they trust out information: 91% said that they trusted it either “quite highly or highly” There is a questions as to whether they trust on too much and we do have disclaimers on our services stating that we do not validate or verify the information.
Effective implementation of legislation: This is about making sure we exam documents correctly and put the right things on the register; that we correctly implement the law and help companies to get it right. e.g. New Companies Act exam procedures It is also about working to develop the law so that we can improve the value of the information on the register. e.g. 2006 act reduced the filing time for accounts. New rules in 2006 act allow us to amend, remove, annotate the register.
Up to date information – getting information in on time, ensuring we have good communication, effective compliance and prosecution action. e.g. change to compliance procedures – “comply or die” Increases to LFP penalties have reduce the number of penalties by 16% Combination have led to record compliance levels: 98% for Accounts and 97% for Annual Returns
In the past when everything cam in on paper we had no way of knowing who had sent it in. This system could be abused and information filed falsely / fraudulently. Our progress in driving electronic filing means that 65% of information now comes to us authorised using security and authentication codes. The information is only available to the company and so is significantly more secure than paper. I earlier outlined our PROtected Online Filing service – PROOF, this ensures that key information only comes in with the right security coded. This is the cornerstone of our work to ensure that the information on the register has come from the right source.
PROOF and online filing ensure we get the information from the right source but can’t doing anything if the companies sends us in accurate / false information. We needed to consider how accurate was the information we were getting. This was a completely new are for us In the past we have kept to the line that this was the companies issue and we would only look at this on complaint. We recognised that we did not have enough information about this area and last year commissioned work to consider the question: “ How accurate is our data?”
We carried a number of comparisons of our data with private sector credit reference agencies. They run regular data analysis work using information from a very wide range of sources. We looked in detail at two data sets: 1 year’s new directors data 1 year’s accounts data The results showed: Duplicates – we had different records where the CRA believed they were the same person. 1.4% newer address – we had not received the update – some will be in process, 2% not known was that they had no data to link the director with the address. 0.6% the address does not meet the residential requirement
On accounts: 3.5% do not balance – actually can give useful information about the company…….. – not for us 0.04% “Bogus” very small number of identical accounts – creating false financial status. As part of our work to inform customers of the new Companies Act – we wrote out to every Company at its RO. We received, at 2.4% a higher than expected number of returned mail, where the PO could not deliver – our usually figure has been just over 1%. Commercial mailing list put their accuracy at 1-2% Our work has shown that there issues on accuracy but that the vast majority of information compares well to respected private sector data.
Where do we go from here: Lets look at each aspect in turn: Legislation – Greater use of new powers Work on changes such as RO amendments Ensure our examination policies are working correctly Compliance: Need to understand individual behaviour and how we can influence it. A number file but file late so we will increase focus on getting information in on time. Need to understand patterns The use this insight to target comms and action. We will also be introducing double penalties for companies that file accounts late on consecutive years.
On Getting it from the right source – we will continue to drive e take up and adoption of the PROOF scheme. We will do insight work to understand why customer do not file specific transactions electronically or sign up to PROOF. And we will consider options to Mandate – explain position, wide range of reasons for ltd – v small companies, flat management etc On data accuracy: Focus on what we can do internally first Quality drive, to get our new processes right. Will be doing data cleansing analysis to reduce duplicates / errors Consider future external comparisons to monitor the situation and will reconsider the issue of external checking once these actions are complete.
In conclusion Data accuracy / integrity or as we call it providing trusted information is at the heart of what we do. However it is a much broader question than just is the information accurate and covers what information we get, who its from , when you get it as well as how good is it. We must be alive to the fact that people can and will abuse the register But this is only because the information is so vital to the economy – we cannot afford to stand still on this issue and need to ensure we continually improve the trustworthiness of the information we look after. Thank you.
3.3 data accuracy & integrity (uk)
UK Register: Data Accuracy and Integrity Tim Moss Director of Corporate Strategy
We are the heart of company information in the UK, recording the life events of companies for all to see. ____________________ Providing information that customers value: accessible, easy to use and trusted. companies house
our strategy… Creating excellent customer experiences Providing trusted information
data accuracy <ul><li>3rd Party Analysis </li></ul><ul><li>Directors </li></ul><ul><ul><li>1% duplicates </li></ul></ul><ul><ul><li>1.4% new address </li></ul></ul><ul><ul><li>2% not known </li></ul></ul><ul><ul><li>0.6% non residential address </li></ul></ul>
data accuracy <ul><li>3rd Party Analysis </li></ul><ul><li>Accounts </li></ul><ul><ul><li>3.5% do not balance </li></ul></ul><ul><ul><li>0.04% “bogus” </li></ul></ul><ul><li>Returned Mail </li></ul><ul><li>1.2 -> 2.4% </li></ul>
trusted information actions <ul><li>Use of new powers </li></ul><ul><li>Future changes </li></ul><ul><li>Correct examination policy </li></ul><ul><li>Customer insight and analysis </li></ul><ul><li>Targeted communications </li></ul><ul><li>Double penalties </li></ul>
trusted information actions <ul><li>Drive take up </li></ul><ul><li>Customer insight, analysis and communication </li></ul><ul><li>Mandate? </li></ul><ul><li>Quality drive </li></ul><ul><li>Data cleansing </li></ul><ul><li>External comparison </li></ul><ul><li>External checks? </li></ul>