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Ring-fencing explained

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

Preparing for ring-fencing

We’ve changed 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.

Why we've made 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.

Following the court’s approval on 9 March 2018, Barclays has satisfied this requirement by setting up a new ring-fenced bank, Barclays Bank UK PLC (BBUKPLC), in April 2018, which is separate from Barclays Bank PLC. The two entities operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC. Both entities are supported by the Barclays Services Limited.

Barclays Bank UK PLC

BBUKPLC and its subsidiaries provide day-to-day products and services to individuals and businesses (with a turnover less than £6.5m) in the UK.

This includes:

Barclays Bank PLC

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.

This includes:

Members of the UKRF should refer to the following link for more information.

Barclays Services Limited

Background Information

  • On 9 March 2018, we received approval from the Prudential Regulation Authority (PRA) 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. The court order approving the Scheme is available here.

    The Scheme became effective on 1 April 2018 and the restructure will be implemented on this date.

    If you have any queries please refer to your usual contacts at Barclays.

    • 10 November 2017: Directions Hearing agreed the overall plan for communications with stakeholders
    • 1 February 2018: Case Management Conference where the process at the Sanction Hearing was discussed
    • 27 and 28 February 2018: Sanction Hearing where the Court approved the Ring-Fencing Transfer Scheme
  • 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:

    • barclays.co.uk/security/ for personal customers
    • barclayscorporate.com/fraudawareness for business and corporate clients (which includes a short ring-fencing animation explaining how simple steps can help protect you from fraud)
    • barclays.co.uk/business-banking/manage/security for business banking clients

    Please note, a genuine bank or organisation will not contact you out of the blue to ask for your PIN, full password or to move money to another account. Never give out your personal or financial details unless it is necessary to use a service that you have requested and given your consent to, and where you trust the provider.

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

    Information for individuals receiving banking services from Barclays

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

  • Personal & Premier

    Customers who also hold non-UK Retail accounts or who live outside of the European Economic Area (including Jersey, Guernsey and Isle of Man) have access to the same products and services offered by Barclays Bank PLC and its subsidiaries as they did before.

    Barclaycard

    For the majority of customers that were not transferred into the new ring-fenced bank there weren’t any changes to your banking arrangements.

    Investment Bank

    The Investment Bank’s placement within the Barclays group structure is unaffected by ring-fencing and ring-fencing had no impact on the breadth of products and services offered by the Investment Bank.

    Mortgages

    There have been no changes to your mortgage arrangements.

    Private Banking & Overseas Services:

    If you are a Private Bank or International Banking client, you are a client of Barclays Bank PLC and/or its subsidiaries. You continue to have access to the same breadth of products and services offered by Barclays Bank PLC and its subsidiaries, as you did previously.

    Information for Suppliers, Partners and Landlords


    How does this affect me as a Landlord if I was not transferred to the ring-fenced bank?

    The majority of the remaining leases and contracts currently held by Barclays Bank PLC in the United Kingdom have been transferred to Barclays Services Limited. If your lease or contract is not moving to Barclays Services Limited, you will have been notified as per the above timetable. There have been no changes to the terms and conditions in your lease or contract.

    For leases and contracts held by Barclays Bank PLC and other Barclays’ entities outside of the United Kingdom, there have been no change.

    How does this affect me as a Supplier/Partner if I was not transferred to the ring-fenced bank?

    The majority of the remaining contracts currently held by Barclays Bank PLC in the United Kingdom have been transferred to Barclays Services Limited. If your contract is moving to Barclays Services Limited, you will have been notified as per the above timetable. There have been no material changes to the terms and conditions in your contract(s).
     

  • Personal & Premier Banking

    You were not required to do anything in order for the transfer to have taken place. Please visit the following links to find out more.

    Barclaycard

    The only change that you can notice is that the legal entity which provides your credit card or bPay account has changed.
    We have updated your Terms and Conditions to reflect this. You’ll still be able to use your Barclaycard credit card or bPay account (and the features of your account) as normal.

    Our UK payment details did not change, so you should carry on making any monthly payments as normal. If you pay by Direct Debit, we’ve made sure your payment is processed as normal.

    Business & Corporate Banking

    You were not required to do anything in order for the transfer to have taken place. Please visit the following links to find out more.

    Wealth & Investments

    If you are a client of Wealth Management or Private Clients, the services you receive are provided by the ring-fenced bank and its subsidiaries. Any banking and credit products you hold with us are now provided by our ring-fenced bank. Investment products and services will be provided by Barclays Investment Solutions Limited (BISL), which is a wholly-owned subsidiary of the ring-fenced bank.

    *The move of Smart Investor services from Barclays Bank PLC to BISL has not happened as part of the initial ring-fencing set up in April 2018, but is expected to be completed later this year. We will provide more details closer to the time. The changes listed below will therefore not take effect until this time. Smart Investor clients will continue to earn interest and if your money is eligible for protection today under the UK Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme it will remain protected.

    Suppliers, Partners and Landlords

    How does this affect me as a Landlord if I was transferred to the new ring-fenced bank?

    The leases or contracts currently held by Barclays Bank PLC have been transferred to Barclays Bank UK PLC. There have been no changes to the other terms and conditions in the lease or contract.

    How does this affect me as a Supplier/Partner if I was transferred to the new ring-fenced bank?

    The contracts currently held by Barclays Bank PLC have been transferred to Barclays Bank UK PLC. There have been no material changes to the other terms and conditions in the contract.

    Mortgages

    You can now see some minor changes to the way we manage your mortgage payment and how your mortgage operates. You can find out more about these changes in the Frequently Asked Questions below.

    Private Banking & Overseas Services

    Private Bank and International Banking clients have not transferred to the ring-fenced bank and remain clients of Barclays Bank PLC and/or its subsidiaries. If you are among the limited number of clients of Barclays Bank PLC and its subsidiaries whose product offering has changed, you will have received a separate communication.
     

  • Where accounts that would have otherwise transferred to the ring-fenced bank are held by customers who are subject to an asset freeze under any applicable sanctions regulation, or where they cannot be lawfully transferred for any other reason, the relevant accounts will be retained by BBPLC until the transfer can be lawfully made.

    Where accounts that are the subject of a Court order imposing restrictions upon them (such as a freezing order), the items have been transferred to the ring-fenced bank as intended, but they will continue to be subject to the same restrictions under the relevant order after the transfer as applied immediately before the transfer. If your account is subject to a Court order, the terms and conditions of the Court order will remain in place. Please refer to the terms and conditions of your Court order for details of what activities are allowed on your account.
     

  • Personal & Premier Banking

    Certain Terms and Conditions have changed, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank, Barclays Bank UK PLC;
    • If necessary, changes to confirm that your data may be shared between Barclays Bank UK PLC, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. For more information about personal data specifically, please refer to the link ‘Using and sharing my personal data after ring-fencing’ below; and
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off and rights of deduction on transfer from Barclays Bank PLC to Barclays Bank UK PLC.

    Barclaycard

    Certain Terms and Conditions have changed, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank, Barclays Bank UK PLC;
    • If necessary, changes to confirm that your data may be shared between Barclays Bank UK PLC, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. For more information about personal data specifically, please refer to ‘Using and sharing my personal data after ring-fencing’ below; and
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off and rights of deduction on transfer from Barclays Bank PLC to Barclays Bank UK PLC.

    Business and Corporate Banking

    Certain Terms and Conditions have changed, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank, Barclays Bank UK PLC;
    • Changes to security and guarantee documents to preserve existing rights and security provisions. This will principally require substitution of certain references to Barclays Bank PLC with reference to Barclays Bank UK PLC. However, in certain situations:
      • Provisions in existing contracts relating to security will be amended to require substitution of reference to Barclays Bank PLC with references to Barclays Bank UK PLC and/or a new security trustee in the Barclays Group; and
      • For guarantees where both Barclays Bank UK PLC and Barclays Bank PLC are reliant on the guarantee, the benefit of the guarantee shall be deemed to be duplicated (subject to any overall limit included in the original guarantee); 
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off, rights of deduction and data sharing on transfer from Barclays Bank PLC to Barclays Bank UK PLC; and 
    • Changes to certain product terms to reflect the change in reference rate from Barclays Bank Base Rate to the rate set by the Bank of England, the Bank of England Base Rate, or in the event that the Bank of England Base Rate no longer exists, such replacement rate as Barclays Bank UK PLC may specify. For more information, please refer to “How do these changes affect Barclays Bank Base Rate?” below.

    Wealth and Investments

    Certain Terms and Conditions have changed, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. If you are a Wealth and Investments client, your terms and conditions are the Barclays UK Terms. If you are a Private Bank & Overseas Services client, your terms and conditions are the Barclays Bank Terms. If your terms and conditions have changed, we will have already communicated this to you.

    For Wealth and Investments clients, examples of the changes include:

    • Changing references from Barclays Bank PLC and/or Woolwich Plan Managers Limited to the new name of our ring-fenced bank, Barclays Bank UK PLC and/or Barclays Investment Solutions Limited (BISL);
    • Changes to reflect that investment products and services currently provided by Barclays Bank PLC will be provided by BISL and as BISL is not a bank, any un-invested cash held in investment portfolios by BISL will be held as ‘Client Money’ (in accordance with the Client Asset and Money rules of the Financial Conduct Authority) rather than being held as a bank deposit; and
    • Changes to reflect that any banking and credit products will be provided by Barclays Bank UK PLC.

    For Wealth and Investment and Private Bank & Overseas Services clients, examples of the changes include:

    • Changes to confirm that if necessary, your data may be shared between Barclays Bank UK PLC, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. For more information about personal data specifically, please refer to ‘Using and sharing my personal data after ring-fencing’ below; 
    • Changes to certain product terms to reflect the change in reference rate from Barclays Bank Base Rate to the rate set by the Bank of England, the Bank of England Base Rate, or in the event that the Bank of England Base Rate no longer exists, such replacement rate as Barclays Bank UK PLC may specify. For more information, please refer to “How do these changes affect Barclays Bank Base Rate?” below; 
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off and rights of deduction on transfer from Barclays Bank PLC to Barclays Bank UK PLC. To clarify, Barclays Group entities (other than BISL) will not be able to set off for debts due to them against client money held by BISL; and
    • Removal of BGI and Trading Facilities for customers of Portfolio Finance UK.

    Mortgages

    Certain Terms and Conditions have changed, principally to ensure that our customer and client contractual relationships continue to work in light of our new structure, and to comply with ring-fencing requirements. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank, Barclays Bank UK PLC;
    • If necessary, changes to confirm that your data may be shared between Barclays Bank UK PLC, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. For more information about personal data specifically, please refer to the link ‘Using and sharing my personal data after ring-fencing’ below;
    • If necessary, changes to ensure existing bank rights are preserved with respect to set-off and rights of deduction on transfer from Barclays Bank PLC to Barclays Bank UK PLC; and 
    • Changes to mortgages that track (or will track in the future) the Barclays Bank Base Rate such that your mortgage interest rate will no longer refer to Barclays Bank Base Rate and will use the rate set by the Bank of England, the Bank of England Base Rate, or in the event that the Bank of England Base Rate no longer exists, such replacement rate as Barclays Bank UK PLC may specify. For more information, please refer to “Changes to how your mortgage operates” below.
  • Personal and Premier Banking

    If you were eligible for protection under the Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme before the implementation of ring-fencing, your money is still eligible for protection today.

    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 FSCS protection limit is £85,000 per depositor per bank. For joint accounts, the limit of £85,000 applies to each depositor separately. Barclays Bank PLC and Barclays ring-fenced bank are separate banks for the purposes of FSCS protection. You can find further information at barclays.co.uk/fscslimit.

    Business and Corporate Banking

    If you were eligible for protection under the Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme before the implementation of ring-fencing, your money is still eligible for protection today.

    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 FSCS protection limit is £85,000 per depositor per bank. For joint accounts, the limit of £85,000 applies to each depositor separately. Barclays Bank PLC and Barclays ring-fenced bank are separate banks for the purposes of FSCS protection. You can find further information at barclays.co.uk/fscslimit.

    Wealth & Investments

    If you were eligible for protection under the Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme before the implementation of ring-fencing, your money is still eligible for protection today.

    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 FSCS protection limit is £85,000 per depositor per bank. For joint accounts, the limit of £85,000 applies to each depositor separately. Barclays Bank PLC and Barclays' ring-fenced bank are separate banks for the purposes of FSCS protection. You can find further information at barclays.co.uk/fscslimit.

    Any banking and credit products you hold with us are provided by our ring-fenced bank. If you have un-invested cash in investment products and services which have moved to BISL, the FSCS protection scheme operates differently for cash held as Client Money (see below). We have written to clients providing more information about the changes which may impact you.

    Private Bank & Overseas

    If you were eligible for protection under the Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme before the implementation of ring-fencing, your money is still eligible for protection today.

    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 FSCS protection limit is £85,000 per depositor per bank. For joint accounts, the limit of £85,000 applies to each depositor separately. Barclays Bank PLC and Barclays’ ring-fenced bank are separate banks for the purposes of FSCS protection. You can find further information at barclays.co.uk/fscslimit.

    Deposits made with Barclays Bank PLC, Isle of Man Branch are covered by the Isle of Man's Depositors' Compensation Scheme (DCS) detailed in the Depositors’ Compensation Regulations 2010.

    Barclays Bank PLC is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website at www.gov.je/Industry/Finance/DepositProtection or on request.

    Barclays Bank PLC, Guernsey Branch is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for 'qualifying deposits' up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website www.dcs.gg or on request.
     

  • The way in which we handle your personal data, including your account details and contact information, as well as the purpose for holding it and way it is used, will remain as set out in your customer agreement or other product or service documentation. We will be under the same obligation to uphold your data protection rights and to keep personal data secure.

    Your personal data may be shared between our ring-fenced bank (Barclays Bank UK PLC), Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group.

  • For Personal and Premier Banking and Business and Corporate Banking

    To comply with ring-fencing legislation, our Jersey, Guernsey and the Isle of Man (the “Crown Dependencies”) branches have remained in Barclays Bank PLC as they are located outside of the EEA. Our new ring-fenced bank is separate from Barclays Bank PLC. Both banks operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC.

    Personal and business accounts held by the ring-fenced bank can now only be serviced by UK branches. Therefore, some of the services that were previously available to you in these branches are now no longer available.

    What are the Crown Dependencies?

    The Crown Dependencies are the Bailiwick of Jersey, the Bailiwick of Guernsey (which includes the jurisdictions of Guernsey, Alderney and Sark) and the Isle of Man. The Crown Dependencies are not part of the UK but are self-governing dependencies of the Crown. Barclays has branches in Jersey, Guernsey and the Isle of Man.

    Which services are impacted?

    If you use the Crown Dependency branches, unfortunately you will no longer be able to use the counter service at any of the Barclays branches in Crown Dependencies for transactions such as withdrawing or depositing cash or cheques, except for when paying an ABC bill (which is a specific type of credit slip used by some companies e.g. Barclaycard), or a charity / disaster appeal credit over the counter.

    You can continue to withdraw money at any Barclays cash machine, including those in Jersey, Guernsey and Isle of Man using a Barclays debit card, up to your usual withdrawal limits. However, if you use a savings cash card, unfortunately you are no longer able to use this at cash machines in the Crown Dependencies.

    For the other service transactions that are restricted in the Crown Dependencies, such as transferring money/paying bills, customers can continue to use other channels including telephone, mobile / online banking or visiting any UK branch.
    This does not affect your terms and conditions with us.

    Are there any alternative arrangements in place?

    You may be eligible to open an account held at one of the Crown Dependency branches, especially if you live in the Crown Dependencies, which would allow you to continue to make full use of the services in these branches. If this is something you would like to discuss, please visit any of the branches in the Crown Dependencies.

  • For Personal and Premier Banking, Business and Corporate Banking and Wealth & Investments:

    Barclays’ new ring-fenced bank was issued with a new Bank Identification Code (BIC) BUKB.

    If you have transferred to our ring-fenced bank, your International Bank Account Number (IBAN) has now changed, as the IBAN contains the BIC.

    This will only affect you if you receive international payments to your account. You can find out what your IBAN is at any time by visiting www.barclays.co.uk and searching ‘IBAN’ then using the ‘IBAN generator tool’.

    We are currently redirecting any incoming payments that use your old IBAN. This is to make sure you have plenty of time to tell anyone who makes international payments to you about your new IBAN.

    However, we encourage you to update your new payment details as soon as possible. If necessary, we will contact you again towards the end of the redirection period to remind you to tell anyone paying you money that your IBAN has now changed.

    The Barclays UK SWIFT (or SWIFTBIC) code has changed to BUKBGB22.
     

  • Personal and Premier Banking

    The ISA Manager for Cash ISAs is no longer Barclays Bank PLC; the name and address of the ISA Manager for these accounts has changed to Barclays Bank UK PLC, 1 Churchill Place, London, E14 5HP.

    This change doesn’t affect the way cash ISA accounts work; account details remain the same and you can continue to use them as normal.

    Wealth & Investments

    If you are a client of Wealth Management or Private Clients who held an ISA with Barclays Bank PLC, your ISA Manager has changed from Barclays Bank PLC to Barclays Investment Solutions Limited (a subsidiary of Barclays Bank UK, our ring-fenced bank). The change took place on 1 April 2018.

    The address of your new ISA Manager is:
    Barclays Investment Solutions Limited
    1 Churchill Place
    Canary Wharf
    London
    E14 5HP

    We have transferred your ISA to the new ISA Manager automatically so there is nothing you need to do.

    In April, you will get a new ISA account number but, until then, you can continue to use your ISA as normal. This change is simply to ensure your ISA is managed within our ring-fenced bank and its subsidiaries.

    If you want to transfer, you can request to move at any time under the HM Revenue & Customs ISA rules.

  • For Personal and Premier Banking, Business and Corporate Banking and Wealth & Investments

    Barclays Bank Base Rate is a reference rate, set by Barclays Bank PLC, which Barclays uses for a range of products. The ring-fenced bank will no longer refer to Barclays Bank Base Rate and will use the rate set by the Bank of England, the Bank of England Base Rate, or in the event that the Bank of England Base Rate no longer exists, such replacement rate as the ring-fenced bank may specify.

    Barclays Bank Base Rate has been the same as the Bank of England Base Rate for many years.

    Barclays Bank Base Rate will still be used by Barclays Bank PLC.
     

  • For most clients there is no change in interest earned as a result of these changes and any banking and credit products you hold with us continue to operate as normal.

    For clients with investment products which have moved to BISL from Barclays Bank PLC, the main difference is in how un-invested cash is held. The diversification of your un-invested cash across multiple banks may reduce future interest returns (where interest is paid), as cash held in this way must be placed on a short term deposit. In today’s interest rate environment, we currently pay 0% interest on all un-invested cash held as Client Money.

    Rates continue to be variable with interest paid, where applicable, on a monthly basis. If there have been any changes to interest rates affecting the products you hold with us, we will have notified you of these in the normal way.

  • For Personal and Premier Banking, Barclaycard, Business and Corporate Banking and Mortgages

    Certain liabilities of Barclays Bank PLC have been transferred to the ring-fenced bank, where the business to which these relate has also transferred. These include any liabilities in relation to products that have moved to the ring-fenced bank under the ring-fencing transfer scheme, the sale of payment protection insurance to any UK customers of Barclays Bank PLC and the sale of interest rate hedging products which are linked to products (such as loans) that have transferred to the ring-fenced bank.

    Any ongoing or future proceedings (including claims or complaints before any court, governmental or regulatory authority or ombudsman (including the UK Financial Services Ombudsman)) being brought by or against Barclays Bank PLC have been transferred to the ring-fenced bank (in respect of liabilities or the business that have transferred to the ring-fenced bank).

    Wealth & Investments

    Certain liabilities of Barclays Bank PLC have been transferred to the ring-fenced bank, where the business to which these relate has also transferred. These include any liabilities in relation to products that have moved to the ring-fenced bank under the ring-fencing transfer scheme, the sale of payment protection insurance to any UK customers of Barclays Bank PLC and the sale of interest rate hedging products which are linked to products (such as loans) that have transferred to the ring-fenced bank.

    Any liabilities of Barclays Bank PLC or Woolwich Plan Managers Limited have been transferred to Barclays Investment Solutions Limited (BISL), where the business to which these relate has also transferred. These include liabilities in respect of products that have moved to BISL.

    Any ongoing or future proceedings (including claims or complaints before any court, governmental or regulatory authority or ombudsman (including the UK Financial Services Ombudsman)) being brought by or against Barclays Bank PLC have been transferred to:

    • the ring-fenced bank (in respect of liabilities or the business which have been transferred to the ring-fenced bank); or
      BISL (in respect of liabilities or the business which have been transferred to BISL).
    Suppliers, Partners and Landlords

    Certain liabilities of Barclays Bank PLC have been transferred to the ring-fenced bank, where the business to which these relate has also transferred. These include any liabilities in relation to contracts and lease agreements that have moved to the ring-fenced bank under the ring-fencing transfer scheme.

    Certain liabilities of Barclays Bank PLC have been transferred to Barclays Services Limited, where the operations to which there relate have also transferred. These include any liabilities in respect of any contracts that have moved to Barclays Services Limited.

    Any ongoing or future proceedings (including claims or complaints before any court, governmental or regulatory authority or ombudsman (including the UK Financial Services Ombudsman)) being brought by or against Barclays Bank PLC have been transferred to:

    • the ring-fenced bank (in respect of liabilities or the business which have been transferred to the ring-fenced bank); or
    • Barclays Services Limited (in respect of liabilities or the operations which have been transferred to Barclays Services Limited).

     

  • For Personal and Premier Banking, and Business and Corporate Banking

    To comply with ring-fencing legislation, the sort codes for a small proportion of our customers were changed over the period of July 2017 to January 2018.

    This was to ensure their accounts could be held in our ring-fenced bank.

    For customers who were affected, their account numbers remained the same and we’re making sure that any payments continue to reach their account. This is to give customers plenty of time to update people paying money into their account, with the details of their new Sort Code.

    Wealth & Investments

    If you have a change to your sort code, we will already have communicated with you.

    Private Banking & Overseas Services

    If you have a change to your sort code, we will already have communicated with you.

  • For Personal and Premier Banking, and Business and Corporate Banking

    To comply with ring-fencing legislation, the sort codes for a small proportion of our customers were changed over the period of July 2017 to January 2018. This was to ensure their accounts could be held in our ring-fenced bank.

    For customers who were affected, their account numbers remained the same and we’re making sure that any payments continue to reach their account for a period of 36 months. This is to give customers plenty of time to update people paying money into their account, with the details of their new Sort Code.

    Wealth & Investments

    If you have a change to your sort code, we will already have communicated with you.

    Private Banking & Overseas Services

    If you have a change to your sort code, we will already have communicated with you.
     

Barclaycard

  • Your Barclaycard

    Should I have received a new Barclaycard?

    No, you don’t need a new Barclaycard. You can carry on using your existing card as normal.

    Will the rates I get on my Barclaycard products have changed because of this?

    We continue to offer products on the basis set out in pricing terms for your existing products. Your rates were not affected.

    Will my statements look any different?

    Your statements will look the same. However, the name of the new ring-fenced bank, Barclays Bank UK PLC, will now appear on statements.

    Can I still see transactions from before?

    Yes, your account did not change so you are able to view transactions and statements in the same way that you can now.

    Will my statement preferences have changed as a result of this change?

    No, your statement preferences (for example, frequency, online/paper format) have not changed.

    Have the details I use to pay you changed?

    No, Barclaycard’s payment details remain the same.

    Can I still use my Barclaycard to identify myself?

    Yes, you’ll continue to use your card as you do today.

    Products and Services

    Were there any changes to my account features and rewards?

    No. Your account retains any existing features or rewards associated with it.

    Does access to Barclaycard online servicing differ in the ring-fenced bank?

    No, there is no change to the way you access Barclaycard online servicing.

    Does access to the Barclaycard Mobile app differ in the ring-fenced bank?

    No, there is no change to the way you access the Barclaycard Mobile app. You continue to be registered and can use the same five-digit access code.

    Did I need to update my information on ‘Apple Pay’?

    No, your information remains the same.

    Did I need to update my details if I use Contactless Mobile on Android phone?

    No, your information remains the same.

    Can I still use Chip and Pin following the entity change?

    Yes, you’ll continue to use your card as you do today.
     

  • Barclays Partner Finance

    Has my relationship with Barclays Partner Finance changed?

    Your relationship with us has not changed. Your Barclays Partner Finance loan continues to be serviced by Barclays Partner Finance (a trading name of Clydesdale Financial Service Limited) which will remain part of Barclays Bank PLC.

    Have Barclays Partner Finance’s payment details changed?

    If we had to change our payment details, we will have contacted you. But there are no changes to your loan repayment amount or your repayment dates.

    Will ring-fencing mean that my loan terms and conditions have changed?

    No, ring-fencing has not changed your terms and conditions.

    Barclaycard Commercial Payments

    Has my relationship with Barclaycard changed?

    Your relationship with Barclaycard has not changed as a result of ring-fencing. We continue to provide you with the same services that we do today.

    Has ring-fencing changed the rates I get on my Barclaycard products?

    No. Ring-fencing has not affected your rates. We'll carry on offering you products with the same pricing terms.

    Has ring-fencing changed my current contractual terms?

    No. Ring-fencing has not affected your contractual terms.

    Was I supposed to get a new Barclaycard commercial card? 

    No, you don’t need a new Barclaycard commercial card because of ring-fencing. You and/or your staff can carry on using your existing cards as normal.

    Can I still use Chip and Pin?

    Yes, you can continue to use your card as you do today.

    Have statement preferences changed?

    No. Statement preferences (for example, frequency, online/paper format) have not been affected by ring-fencing.

    Has ring-fencing resulted in changes to any account features or rewards?

    No. All accounts retain any existing features or rewards associated with them.

    Have Barclaycard’s payment details changed?

    Our bank account details have changed for some types of payments, details are provided on your statement. You do not need to make any changes for direct debit payments.

    Barclaycard Payment Solutions

    Has my relationship with Barclaycard changed?

    Your relationship with Barclaycard has not changed as a result of ring-fencing.

    We continue to provide you with the same services that we do today.

    Has ring-fencing changed the fees you charge?

    No. Fees for transactions and terminal rental etc have not changed as a result of ring-fencing.

    Have Barclaycard’s payment details changed?

    Our account details have recently changed, you can find details you should use for making payments to us here. You may also notice that payments we make to you now originate from a different account.

    Were your services affected by ring-fencing?

    No. The payment solution services provided by Barclaycard are the same as they are today.
     

Mortgages

  • I pay my mortgage by direct debit; how do these changes affect me?

    As of 1 February 2018, the details of the Direct Debit mandate for your mortgage payment, which you see on your bank statement, will read ‘Barclays UK Mtges’.

    I pay my mortgage by debit/credit card; how do the changes affect me?

    The name of the organisation to which you make your mortgage payments has changed on your bank statements from Woolwich/Barclays to Barclays Mortgages.

    I pay my mortgage by cheque; how do these changes affect me?

    In 2018 we have retired the Woolwich brand. As a result, all cheques issued by our mortgage team are now Barclays branded and you’ll need to make your cheques payable to Barclays.

    I pay my mortgage by standing order; how do these changes affect me?

    We have made an internal change to how we process standing order payments.

    I pay my mortgage by cash; how do these changes affect me?

    We have made an internal change to the sort code of the account to which you make your mortgage payment.

    If you pay your mortgage by cash, please go into your nearest branch to find out the new sort code.
     

  • How do these changes affect Barclays Bank Base Rate?

    If you have a mortgage that tracks (or will track in the future) the Barclays Bank Base Rate, creating the ring-fenced bank has changed your mortgage agreement.

    This means your mortgage interest rate will no longer refer to Barclays Bank Base Rate and will use the rate set by the Bank of England, the Bank of England Base Rate (or in the event that the Bank of England Base Rate no longer exists, such replacement rate as the ring-fenced bank may specify).

    As Barclays Bank Base Rate has been the same as the Bank of England Base Rate for many years, you should see no difference to the way you bank.

    How do these changes affect cheques produced by Barclays Mortgages?

    In 2018 we have replaced Woolwich and Barclays branding with Barclays only branding within our mortgage operations team. As a result, cheques issued by our mortgage team are Barclays only branded.
     

Corporate and Business Banking

  • As a result of ring-fencing it is possible that, from a legal perspective, your Security may have been transferred from Barclays Bank PLC to another entity within the Barclays group. This does not affect the nature of the legal contract we have with you, or that you have with us, and you do not need to do anything as a result of these changes.

    More information
     

  • As a result of ring-fencing it is possible that, from a legal perspective, the benefit of your Guarantee may have been changed so that it is in favour of another group company as well as, or instead of, Barclays Bank PLC. This does not affect the nature of the legal contract we have with you, or that you have with us, and you do not need to do anything as a result of these changes.

    More information

     

Wealth & investments

  • Investment products and services, previously provided by Barclays Bank PLC, are now provided by Barclays Investment Solutions Limited (BISL). This is a separate company which is a wholly-owned subsidiary of the ring-fenced bank. As BISL is not a bank, any un-invested cash in your investment portfolio is held as ‘Client Money’ (in accordance with the Client Asset and Money rules of the Financial Conduct Authority), rather than being held as a bank deposit. Client money is placed by BISL, with a panel of regulated and authorised banks it selects. Where the bank is authorised in the UK, where eligible, deposits may be protected under the Deposit Protection Scheme, up to the applicable limit should one of those banks become insolvent (currently this is £85,000 for all cash held per depositor, per bank). Where the bank is authorised in a country outside the UK, an equivalent protection may apply. In some circumstances this may result in a reduction in the level of FSCS deposit protection (for example, if you already hold deposits with one of the banks in which BISL deposits Client Money and this takes you over the FSCS guarantee limit with that bank). However losses caused by a failure in duty by BISL will, for eligible claimants, be protected by the FSCS Investment Scheme up to the first £50,000 (per investor, per firm) in the event that BISL was to become insolvent.

    We have already written to clients providing more information about investor protection.
     

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