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Ring-fencing explained

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Preparing for ring-fencing
About us

Preparing for ring-fencing

We’re changing the way we structure our organisation to make it simpler and prepare for UK ring-fencing requirements.

Watch our animation, or read on, to find out more about:

- Ring-fencing
- How Barclays is responding
- What this means for our customers and clients
- How the changes will happen
- How you can participate.

Please note that, whilst our animation focuses on customers and clients, the content is also relevant to all stakeholders such as suppliers, partners or landlords.

Why we're making a change

Ring-fencing of day-to-day banking services is one of the reforms brought in by the UK government, aiming to strengthen the financial system following the financial crisis that began in 2008.

Barclays will satisfy this requirement by setting up a new ring-fenced bank, subject to approval, in April 2018, which will be separate from Barclays Bank PLC. The two entities will operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC. 

Barclays' ring-fenced bank will provide day-to-day products and services to individuals and business (with a turnover less than £6.5m) in the UK. This will include:

Personal All retail and premier banking customers of Barclays Bank PLC whose accounts are held in the UK and almost all mortgage customers of Barclays Bank PLC
Business* All Business Banking customers of Barclays Bank PLC
Barclaycard UK All personal credit card and contactless product customers of Barclays Bank PLC whose accounts are held in the UK
Wealth & Investment Management UK All Private Banking, International Banking, Wealth Management, Private Clients or Smart Investors customers with accounts in the UK

* Certain exceptions do exist, which relate to category or configuration of business. Please see here for more information.

Products and services designed for our larger corporate, wholesale and investment banking clients will continue to be offered by Barclays Bank PLC and its subsidiaries.

How the change will happen

You do not need to take any action for the change to take place.

We are seeking approval from the Prudential Regulation Authority and the High Court of England and Wales (the “Court”) to complete the restructure using a legal process called a Ring-Fencing Transfer Scheme (the “Scheme”) under Part VII of the Financial Services and Markets Act 2000.

A hearing is scheduled in November 2017 for the Court to initiate the process to consider and approve the Scheme. Subject to approval, we expect to implement the restructure in the first half of 2018, well ahead of the 1 January 2019 legislative deadline.

Ways to make sure your views are considered at Court

If you think that you may be adversely affected by the Scheme, you have the right to object to the Scheme and to have your objection heard by the Court.

To do this you will first need to file a written statement to the Court. At the same time, a copy must be sent to the Prudential Regulation Authority and Barclays.

You will be able to object to the Scheme from 10 November 2017; we will update this section in due course with further information. 

Timetable for the Court process

- 31 July 2017: Interim Hearing for preliminary directions on communications, including in relation to transferring customers and clients
- 10 November 2017: Directions Hearing to agree overall plan for communications with stakeholders
- 26 and 27 February 2018: Sanction Hearing to consider and approve the Ring-Fencing Transfer Scheme

How does this affect me?

Most customers and clients will continue to have access to the same products and services they have now, and will be able to keep banking the way they’re used to.

For more information on whether and how you are likely to be affected please select the most appropriate option for you:

How can I protect myself from fraud?

We are committed to providing our customers and clients with the information they need to combat fraud and cybersecurity breaches. If you have any concerns around the risks of fraud or scams, information on how to protect against fraud can be found at:

Where to go for more information

We’ll continue to update this page with more information on our plans, and what they mean for you.

The Financial Conduct Authority (FCA) and the Bank of England (BoE) have published information explaining more about ring-fencing.

FCA site

BoE site 

Information for individuals receiving banking services from Barclays

Key information about the business activities of Barclays Bank PLC following ring-fencing Key information about the business activities of Barclays Bank PLC following ring-fencing
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