The Register of Members’ Financial Interests is the official public record of any financial interests held by an MP that could reasonably be thought to influence their actions or words as a politician.

Financial interests include material benefits and payments in kind or gifts.

The purpose of the register is to promote transparency, allowing the public, the media and other parliamentarians to see any potential conflicts of interest. The register is published online.

The register was established after MPs approved a motion creating it on 22 May 1974.

The requirement for MPs to register their interests is set out in the House of Commons code of conduct – the rulebook that governs the conduct of all members. The register is maintained and monitored by the independent parliamentary commissioner for standards.

Commons code of conduct: requirements

The code of conduct is designed to ensure that MPs act with probity and always in the public interest. The code, first agreed in July 1996, was inspired and informed by the seven principles of public life set out by the committee on standards in public life (also known as the Nolan committee).

The register arguably fulfils the “openness” principle, as outlined by the Nolan committee. Under this principle, holders of public office should “act and take decisions in an open and transparent manner.”

The code states that MPs “must fulfil conscientiously the requirements of the House in respect of the registration of interests in the Register of Members’ Financial Interests.”

Once an MP is elected, they have 28 days to make their first entry in the register. After that, they must register any new or changed interest within 28 days.

The code adds: “​​New members must register all their current financial interests, and any registrable benefits (other than earnings) received in the 12 months before their election within one month of their election, and Members must register any change in those registrable interests within 28 days.”

What must MPs register?

The rules require MPs to register interests under a series of categories.

• Employment and earnings: Over £300 for the total of payments of whatever size from the same source in a calendar year.
• Donations: Over £1,500, either as individual payment, or for the total of multiple donations of more than £500 from the same source in the course of a calendar year.
• Gifts, benefits and hospitality from UK sources: Over £300 for the total of benefits of whatever size from the same source in a calendar year.
• Visits outside the UK: Over £300 if not wholly borne by Member or public funds. This threshold also applies to the total of benefits of whatever size from the same source in a calendar year.
• Gifts and benefits from sources outside the UK: Over £300 for the total of benefits of whatever size from the same source in a calendar year.
• Land and property in the UK and elsewhere: Any land or property owned by the MP that has a value of more than £100,000 or generates an income of more than £10,000 a year.
• Shareholdings: Any shareholding that is valued at more than £70,000 or represents more than 15% of the shares in a company.
• Family members employed and remunerated through parliamentary expenses: An MP must register any close family member they employ with the support of parliamentary expenses, who receives over £700 in a calendar year.
• Family members engaged in lobbying: MPs must register any family members who, on a professional basis, wish to influence “the UK government, parliament, devolved legislatures or administrations, regional or local government or other public bodies on any matter within their competence.”

MPs declaring interests

It is not enough for MPs to record an interest in the public register. They must also verbally declare a relevant interest at the beginning of any parliamentary speech they make or committee session if the matter they are speaking about could be seen to affect that interest.

For example, an MP who owns rental properties would be expected to declare that interest before speaking in a debate about housing policy.

Enforcement: the commissioner and standards committee

The parliamentary commissioner for standards is responsible for preparing the register. They also act as the independent investigator into alleged breaches of the MP’s code of conduct (including a failure to register a relevant interest).

If the commissioner finds that a breach of the rules has occurred, they will submit a report to the House of Commons standards committee. This is a cross-party committee of MPs and lay members.

The committee considers the commissioner’s findings. If the committee agrees that a breach has occurred, its principal power is to recommend a disciplinary sanction to the whole House of Commons. The severity of the recommended sanction depends on the seriousness of the breach.

Sanctions can range from requiring the MP to make a formal apology on the floor of the House, to the suspension of the member from all parliamentary duties for a set number of days. If a suspension of 10 sitting days or more is approved, this can trigger the Recall of MPs Act 2015. In the most extreme cases, the committee can recommend expulsion from the House.

The committee’s recommendations are not final. Any proposed sanction must be put to a vote in the House of Commons. It is the whole House that makes the final decision on whether to punish one of its members.

Standards committee inquiry into outside interests and employment

In January 2025, the standards committee launched an inquiry into whether changes should be made to the rules relating to outside interests and employment under the commons code of conduct.

The terms of reference for the inquiry are as follows:

• To consider the benefits and risks of an MP retaining outside interests and employment to the functioning of the House, including in relation to expertise and public perception.
• To review the effectiveness of the current rules in the code of conduct for MPs with regards to regulating outside interests and employment.
• To consider proposals for a qualified prohibition on outside interests, including rules-based or principles-based approaches, and their benefits.
• To consider mechanisms for transparency, monitoring and enforcement of any new rules or principles.
• To draw upon lessons from other legislatures or professions.

Additional resources

• UK Parliament – The Register of Members’ Financial ‘Interests’: https://www.parliament.uk/mps-lords-and-offices/standards-and-financial-interests/parliamentary-commissioner-for-standards/registers-of-interests/register-of-members-financial-interests/
• UK Parliament – The Code of Conduct together with the Guide to the Rules relating to the Conduct of Members: https://publications.parliament.uk/pa/cm5803/cmcode/1083/report.html