Company ownership changes: update the bank as well as Companies House

Selling shares or changing control does not automatically update the bank's customer records. The company may need to report new people with significant control to Companies House and separately give the bank fresh ownership, identity and source-of-funds information so its KYC records remain accurate.

Changes in significant control need to reach Companies House within the required window

Companies House says companies must identify their people with significant control and report changes to PSC information. Current guidance says a company must tell Companies House within 14 days of confirming a change to PSC details or nature of control. A PSC can include someone with more than 25 percent of shares or voting rights or other specified control rights.

If one founder sells 40 percent of the company to a new investor, the transaction can change who meets the PSC conditions. Do not wait until the next annual confirmation statement if current rules require a separate update. Keep the share-sale documentation and effective date with the company records.

The bank has its own beneficial-ownership and KYC record to maintain

Current HMRC anti-money-laundering guidance says ongoing customer monitoring should include reviewing beneficial ownership for corporate clients and keeping customer due-diligence records up to date. The Money Laundering Regulations also require regulated firms to understand ownership and control structures. A bank can therefore ask the company for updated ownership evidence after a material share transaction.

Notify the bank rather than assuming it monitors Companies House and updates everything automatically. The provider may ask for the new cap table, PSC details, identification for new beneficial owners, board documents and explanation of the transaction. A delayed KYC update can later surface when the company tries to make a large payment or obtain new borrowing.

Prepare a short ownership pack showing what changed and how the transaction was funded

Create a before-and-after ownership chart, current shareholder information, share-purchase or subscription agreement, Companies House filings and board or shareholder approvals. If a new owner invested significant money into the company, keep evidence showing whether the cash was share capital, share premium, a shareholder loan or payment to an existing seller.

This distinction matters to the bank. A £2 million transfer into the company from a new shareholder has a different commercial explanation from a £2 million purchase price paid privately to the outgoing shareholder. The account should only receive money that legally belongs to the company.

A shareholder does not automatically need online-banking authority

Ownership and payment authority are separate decisions. A new 40 percent shareholder may have significant control for Companies House purposes but no day-to-day role in paying suppliers. Conversely, a finance director with no major shareholding can have broad banking authority because of their management role.

After a transaction, review directors, bank users, cards and approval limits separately from the shareholder register. Give the new owner access only where governance requires it. If board-control rights change, update the bank mandate so approvals reflect the new decision-making structure rather than the old founders' arrangement.

Check whether loans, overdrafts or personal guarantees contain change-of-control conditions

A share sale can matter to lenders even where the current account number stays the same. Review loan agreements, overdraft facilities, asset finance and guarantees for notification or consent requirements triggered by a change in ownership or control. Do this before completion where possible.

If an outgoing founder personally guaranteed the company's £300,000 loan, selling their shares does not automatically release the guarantee. The lender may require replacement security or a new guarantee from incoming owners. Treat borrowing documents as a separate workstream from the bank-account user list.

Update the bank if the ownership change also changes what the business will do

HMRC's July 2026 AML guidance says regulated firms should react when customer circumstances change or transactions become unusual relative to the known risk profile. A new controlling investor can bring new countries, funding routes or business activities that make the old account profile inaccurate.

For example, a UK software company acquired by an overseas group may begin receiving regular intercompany funding and paying foreign affiliates. Tell the bank if the expected transaction pattern changes materially. The goal is to prevent legitimate new activity from appearing unexplained because the provider still believes the company operates exactly as it did before the acquisition.

Keep a transaction-completion checklist that links legal completion, Companies House filings, bank notification, new beneficial-owner verification, payment-authority changes and lender consents. Ownership transactions often close on one day while administrative systems update over several weeks. A central checklist stops the company from assuming that because the share sale completed, every bank and finance record already reflects the new control structure.