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

Personal and Premier Banking
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 & Investments Wealth Management, Private Clients and Smart Investor clients 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 international 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 (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.

The Statement

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.


The Financial Services and Markets Act 2000 requires that Statements must be filed with the Court. This may be done in one of three ways, as follows:

  • In person, by lodging at the Court Office over the counter at the Business and Property Courts of England and Wales, 7 Rolls Building, Fetter Lane, London EC4A 1NL . Please mark it “FAO Barclays Ring-Fencing Transfer Scheme.
  • By post, by sending it to Business and Property Courts of England and Wales, 7 Rolls Building, Fetter Lane, London EC4A 1NL. Please mark it “FAO Barclays Ring-Fencing Transfer Scheme.”
  • Electronically, by using the Court CE Filing system. Guidance on the use of this facility is available here. You will need Barclays-specific identifiers to complete the filing: these can be found here (PDF 80KB).


A copy of any Statement filed with the Court must be provided to the Prudential Regulation Authority. Guidance on how this can be done (e.g. in person, by post or electronically) is available here.

Barclays has agreed with the Court that a copy of any Statement filed at Court does not need to be provided to Barclays.


Please note that the date by which the Court had requested that Statements should be made (26 January 2018) has now passed. However, you have the right to make a Statement at any time up to the Sanction hearing (26 and 27 February 2018). The Court will use its discretion to determine how any Statements made after 26 January 2018 should be managed.

You have the right to appear at the Court in person or to be represented by a lawyer.

Timetable for the Court process

  • 10 November 2017: Directions Hearing to agree overall plan for communications with stakeholders
  • 1 February 2018: Case Management Conference to discuss process at Sanction Hearing
  • 27 February 2018: Sanction Hearing to consider and approve the Ring-Fencing Transfer Scheme

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.

On 1 February 2018 the Court granted an Order which states, amongst other things, that:

  • the trustee of the Barclays Bank UK Retirement Fund has permission to file evidence and be represented by Counsel at the Sanction Hearing;
  • Statements to the Court will stand as the skeleton arguments of any persons alleging that they would be adversely affected by the carrying out of the Scheme (meaning that there is no requirement for any such persons to file any further material with the Court in order to be heard at the Sanction Hearing); and
  • the Sanction Hearing should be conducted, insofar as possible, in the following indicative running order:
    • Barclays’ opening submissions
    • Mr Byers’ (the Skilled Person) submissions (if any)
    • Regulators’ submissions
    • Barclays’ reply 
    • Submissions in relation to the Proceedings Statement
    • Barclays’ submissions in response
    • Submissions of Mr Byers and Regulators (if any) in response
    • [If the relevant stakeholder appears at the hearing for the purpose of making submissions in relation to the FSCS Statement] Submissions in relation to the FSCS Statement
    • Barclays’ submissions in response
    • Submissions of Mr Byers and Regulators (if any) in response
    • Submissions on behalf of persons who have filed Statements on pensions-related issues
    • Submissions of Barclays in response
    • Submissions of Mr Byers in response (if any)
    • Submissions of Regulators in response
    • Submissions of the Pension Trustee

The Sanction Hearing is scheduled to take place at the Rolls Building (7 Rolls Buildings, Fetter Lane, London, EC4A 1NL). The Court day begins at 10.00am and the Court has allocated one full day (27 February 2018) for the Sanction Hearing. We will publish the Court listing details for the Sanction Hearing on this website once they are available (expected to be in the afternoon of 26 February 2018).

Document library

Our document library contains copies of the following important documents relating to the Scheme:

  • a report on the terms of the Scheme that has been produced by the Skilled Person, who has been approved to carry out this role by the Prudential Regulation Authority in consultation with the Financial Conduct Authority (the “Skilled Person’s Report”);
  • the document that sets out the terms of the transfers under the Scheme;
  • a Statement that contains a summary of the terms of the Scheme and the Skilled Person’s Report; and
  • a Supplementary Report, that has been produced by the Skilled Person, and provides an updated assessment of the terms of the Scheme.

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. You can also view the notices that we’re required to publish in certain media outlets, explaining more about the RFTS.

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

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