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 is scheduled for late 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.
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.
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 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.
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 your Statement should be received by the Court and the Prudential Regulation Authority by close of business on 26 January 2018.
You have the right to appear at the Court in person or to be represented by a lawyer (at your own cost).
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
- 26 and 27 February 2018: Sanction Hearing to consider and approve the Ring-Fencing Transfer Scheme
Our document library contains copies of some important documents relating to the Scheme, including a Statement that sets out the terms of the Scheme and contains a summary of the independent expert’s report on the Scheme.
- a report on the terms of the Scheme that has been approved 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”); and
- a Statement that contains a summary of the terms of the Scheme and the Skilled Person’s Report.