Hi Openspaces
No, you only need to register pecuniary interests (financial interests) with the monitoring officer when you are elected as a councillor and announce this interest at meetings when and if required. If you have a pecuniary interest, you cannot talk on the subject, or vote and you have to leave the room.
Non-pecuniary interests would be something like being a member of the local cricket club if a grant application came up - you would not receive any financial benefit from this connect, hence non-pecuniary.
Dispensations can be granted for pecuniary (financial) interests if if the proper officer:
(a)considers that without the dispensation the number of persons prohibited by section 31(4) from participating in any particular business would be so great a proportion of the body transacting the business as to impede the transaction of the business,
(b)considers that without the dispensation the representation of different political groups on the body transacting any particular business would be so upset as to alter the likely outcome of any vote relating to the business,
(c)considers that granting the dispensation is in the interests of persons living in the authority's area,
(d)if it is an authority to which Part 1A of the Local Government Act 2000 applies and is operating executive arrangements, considers that without the dispensation each member of the authority's executive would be prohibited by section 31(4) from participating in any particular business to be transacted by the authority's executive, or
(e)considers that it is otherwise appropriate to grant a dispensation.
(Localism Act 2011 s33)