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Strategy

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Preparing for ring-fencing
About us

Private Bank & Overseas Services

Which part of Barclays will I be in?

Barclays is separating the current Wealth and Investment Management business into two distinct businesses:

  • Wealth & Investments, which will be part of the UK ring-fenced bank, focusing on financial products and services to UK clients. This business will include our Wealth Management, Private Clients and Smart Investor offerings
  • Private Bank & Overseas Services, which will be part of Barclays Bank PLC, offering UK and international clients a broader range of financial products and services

Most 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. If you are among the limited number of clients whose products or services will change, we will communicate with you individually to explain how you may be affected.

Clients with accounts in the UK will be part of the ring-fenced bank and its subsidiaries unless we have communicated with you that you qualify to remain a client of Barclays Bank PLC and, where we have asked you to take action to confirm eligibility, you have done so.

Clients with accounts outside the UK (including in Switzerland, Monaco, India, Jersey, Guernsey and Isle of Man) will continue to have access to the same breadth of products and services offered by Barclays Bank PLC and its subsidiaries as they do today and will not be part of the ring-fenced bank.

 

      Current structure                        Future structure

How does this affect me if I am not transferring to the ring-fenced bank?

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

You do not need to take any action unless we contact you. If you are among the limited number of clients whose products, services or legal entity will change, you will receive a communication from us.

How does this affect me if I am transferring to the ring-fenced bank?

Private Bank and International Banking clients will not be transferring to the ring-fenced bank and will 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 will change, you will receive a separate communication.

We’re making changes to some UK sort codes

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

  • Certain Terms and Conditions will need to change, 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 your money is eligible for protection today under the UK Financial Services Compensation Scheme (FSCS) Deposit 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 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 will be 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.

  • There will be no changes in tax position as a result of ring-fencing for customers and clients who remain fully served by Barclays Bank PLC. In all other cases e.g. customers and clients moving to our ring-fenced bank or customers and clients who remain served by Barclays Bank PLC, but with one or more product/service moving to the ring-fenced bank, we do not believe these changes will impact your tax position. However, as Barclays does not provide tax advice, we suggest you speak to a tax advisor.

  • Independent rating agencies review Barclays’ ratings on an ongoing basis and ratings are therefore subject to change. Our objective is to maintain solid investment grade ratings for both Barclays Bank PLC and the ring-fenced bank (once operational) and we intend to create as much stability in our ratings as we can – both before and after ring-fencing.

Concerns, complaints and further information

You can raise any concerns or complaints about the Scheme directly with Barclays here through Barclays’ Objections Portal. We will respond via your preferred contact method in relation to the Scheme-related concern or complaint you have raised. Any concerns or complaints raised in this way are not Statements to the Court. Information about how to make a Statement is available under ‘Statements to the Court’ here.

Barclays’ Objections Portal can also be used to request further information about the Scheme.
 

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