The issue of civil penalties for the late filing of company accounts was carefully considered by Parliament during the passage of the Companies Act 2006. The changes to the penalty regime were the first to be introduced since the introduction of civil penalties in 1992, and the scale of penalties then in force was becoming less effective in encouraging the timely filing of accounts. The provision of up to date company information is one of the building blocks of the UK economy and the register of company information maintained by Companies House is accessed millions of times every year, striking evidence of the value placed on company information by the business community. Since the changes introduced by the Companies Act 2006, compliance rates have increased and the number of companies receiving penalties is declining. The percentage of companies now filed up to date stands at almost 99% with 94% filing on time. Therefore, I consider that the levels of civil penalties laid down under the Companies Act 2006 are appropriate.