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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.

Why we’re making a change

We’ve made great progress in simplifying and strengthening Barclays over the last few years, and today we’re as strong as ever.

As the financial services industry continues to change, we’re working hard to ensure that our structure is right for the future. To do this, we’ll be separating our banking activities into two legal entities – both still very much part of Barclays. This is called ‘ring-fencing’.

Ring-fencing of essential retail 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.

Ring-fencing legislation requires each of the larger UK high street banks, including Barclays, to separate certain retail and smaller corporate banking activity and products, like savings accounts, current accounts and payments, from more complex, wholesale and investment banking activity and from certain activities outside the European Economic Area. The separation has to be completed by 1 January 2019. 

Barclays will satisfy this requirement by setting up a new ring-fenced bank, subject to approval, in the first half of 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. 

The new ring-fenced legal entity and its subsidiaries will offer everyday personal and business banking services in the UK.

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

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– online, using our Barclays Mobile Banking app, over the phone and in-branch..

Any customers or clients adversely impacted by the changes we’re making, as a result of UK ring-fencing, will be informed in good time, ahead of any changes taking place. Communications with impacted customers and clients are already underway.

If you’re not directly affected by this change, there’s nothing different you need to do.

Your terms and conditions

Besides the name of the legal entity changing for customers moving to our ring-fenced entity, we expect terms and conditions to stay the same for most of our products and services.

Any communications we send you after the change, including Direct Debit mandates, will include the new name of our ring-fenced bank. Any other arrangements, already in place for your account(s), will remain the same.

If we do plan to make any changes to terms and conditions, we’ll let customers or clients know well in advance.

Depositor Protection Scheme

If your money is eligible for protection today under the UK Financial Services Compensation Scheme (FSCS) Depositor Protection Scheme, ring-fencing won’t change that. 

The FSCS, the independent deposit protection scheme for the UK, is in place to pay compensation to depositors if a bank is unable to meet its financial obligations. 

The new protection limit of £85,000 per person per firm came into effect at the beginning of 2017. If you have a Barclays joint deposit account with another person, the limit of £85,000 applies individually to each account holder. You can find further information at

For our suppliers

Barclays’ suppliers and landlords play a critical role in enabling us to deliver services to our customers and operate effectively as a bank. This will continue to be the case in Barclays future ring-fenced structure. We will be in contact with our suppliers to provide further information about what Barclays ring-fencing will involve for them.

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) has also published their own site explaining more about ring-fencing.

Further information for individuals receiving banking services from Barclays Bank PLC

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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