Register of Members' financial interests

5.8The Register of Members' Financial Interests is compiled on the basis of the returns made by Members. The task of collating the returns is carried out under the authority of the Commissioner. It is the Commissioner's duty to send out the appropriate form for Members to complete at the beginning of each Parliament; a form is similarly sent to every Member returned at a by-election. It is the responsibility of Members to return the completed form within one month of their election to the House;1 it is also their responsibility to notify any changes in their registrable interests within four weeks of the changes occurring.

The Register is published, and regularly updated, on the parliamentary website. Entries which relate to single benefits or to interests which are no longer held remain in the Register for twelve months after such interests are received or relinquished.

The rules on the registration of financial interests are set out in the Guide to the Rules relating to the Conduct of Members. The registration form specifies categories of registrable interests, including remunerated company directorships or other employment, financial sponsorship, gifts or other benefits above a specified value, shareholdings, land and property. In some cases, these categories include financial interests of a spouse or partner. Members are also required to register family members employed and paid through parliamentary allowances.2

Before 2015 any Member who was party to an existing agreement or who proposed to enter into a new agreement involving the provision of services in the capacity of a Member of Parliament was required to deposit a written copy of any such agreement with the Commissioner. This provision was dropped from the 2015 Guide to the Rules on the grounds of simplification, being replaced by a requirement to register the annual salary and hours worked.3

Footnotes

  1. 1. HC 1076 (2014–15), Chapter 1, para 2.
  2. 2. See HC 1076 (2014–15) for requirements from April 2015. See the most recent Code and Guide for up-to-date information on categories and definitions.
  3. 3. Guide to the Rules relating to the Conduct of Members, HC (2008–09) 735, para 68. See appendix to Standards and Privileges Committee, Third Report of Session 2012–13, Proposed revisions to the Guide to the Rules relating to the Conduct of Members, HC 636, para 23.