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 (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 next Court hearing (the Sanction Hearing) is scheduled for 27 February 2018, where the Court will consider and, if thought fit, approve the Scheme. Subject to approval, we expect to implement the restructure in April 2018, well ahead of the 1 January 2019 legislative deadline.
Please note that the Sanction Hearing was originally scheduled for 26 and 27 February 2018, but is now scheduled to take place on 27 February 2018.
Ways to make sure your views are considered
You can raise any concerns or complaints about the Scheme directly with Barclays through Barclays’ Objections Portal. We will respond via your preferred contact method in relation to any concern or complaint you have raised. To access Barclays’ Objections Portal, please select the most appropriate link for you:
Barclays’ Objections Portal can also be used to request further information about the Scheme.
Please note that any concerns or complaints raised through Barclays’ Objections Portal are not Statements to the Court.
Statements to the 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. You do this by filing a Statement with the Court. A copy of the Statement must also be sent to the Prudential Regulatory Authority.
PRA consent to the Scheme
Whilst it is for the Court to approve our Scheme, PRA consent was required for our submission to Court and we are working closely with them, throughout the Court process, to ensure that they remain comfortable with our ring-fencing plans. We have also planned our Sanction Hearing for the Scheme a full 10 months ahead of the date by when we are required to comply with ring-fencing, in order to give us contingency to deal with any unanticipated objections from the PRA or other stakeholders.
Guidance on making a Statement
The following guidance for the making of a written statement of representation which a person wishes the Court to consider in relation to the ring-fencing transfer scheme proposed by Barclays under s 110(3)-(5) of the Financial Services and Markets Act 2000 (a “Statement”) has been approved by the Chancellor of the High Court, the Rt. Hon Sir Geoffrey Vos, on 10 November 2017.
In order to help the Court to understand the point(s) you wish to make, we suggest that the Statement should be as short as possible and should at least contain the following:
• Your name and the nature of your relationship(s) with the bank i.e a depositor, borrower or other. It is not necessary to disclose your account or other balances.
• The nature of the adverse effect which you allege you will suffer as a result of the ring-fencing transfer scheme proposed by Barclays.
• The reason you say you will suffer the adverse effect.
In addition, if you disagree with any aspect of the Skilled Person’s Report (PDF 462KB) it would be very helpful if you identify those aspects and explain why you disagree.
The decision that the Court must make is whether it is appropriate in all the circumstances to allow the ring-fencing transfer scheme to be carried out.