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Preparing for ring-fencing
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Business and Corporate Banking

Which part of Barclays will my business be in?

All customers of Barclays Bank PLC served by Business Banking at the time of the transfer will be transferred to our ring-fenced bank.

All other customers of the Barclays Group will continue to be served by their existing entity. This includes:

  • Any Corporate Banking customer of Barclays Bank PLC, including those whose accounts are held outside of the UK
  • Any Corporate Banking customer of any other entity in the Barclays Group (such as Barclays Bank Ireland PLC)

Customers due to move between Corporate Banking and Business Banking prior to the transfer will already have been advised of this by their usual relationship contact.

Changes to using your UK accounts in the Jersey, Guernsey and Isle of Man branches from April 2018

To ensure Barclays aligns with the new ring-fencing legislation, some of the services that are currently available to you today in our Jersey, Guernsey or the Isle of Man (the “Crown Dependencies”) branches will no longer be available. Once ring-fencing takes place in April 2018 these branches will remain in Barclays Bank PLC as they are located outside of the UK. If you use these branches after April 2018, unfortunately you will no longer be able to use the counter service for transactions such as withdrawing or depositing cash or cheques. 

However, you will still be able to use any UK branches for these transactions and will still be able to withdraw money at any Barclays cash machine including those in the Crown Dependencies, when using a Barclays debit card up to your usual withdrawal limits.

You may also be eligible to open an account held at one of the Crown Dependency branches, which would then allow you to continue to make full use of these services. Please see the link below for further information.

How does this affect me if my accounts are not transferring to the ring-fenced bank?

There should be no changes to your banking arrangements. Customers who also hold non UK Retail accounts or who live outside of the European Economic Area (including Jersey, Guernsey and Isle of Man) will continue to have access to the same products and services offered by Barclays Bank PLC and its subsidiaries, as they do today.

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

You do not need to take any action unless we contact you.  If you are affected by the changes, we’ll tell you how, when the changes take place and whether you need to do anything further.  Please visit the following links to find out more.

Restrictions on Transfer and Court Orders

Where accounts that would otherwise transfer 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 transferring to the ring-fenced bank are the subject of a Court order imposing restrictions upon them (such as a freezing order), the items will be 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.

  • 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. Examples of this include:

    • Changing references from Barclays Bank PLC to the new name of our ring-fenced bank; 
    • 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 the new ring-fenced bank. 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 the new ring-fenced bank and/or a new security trustee in the Barclays Group; and
            - For guarantees where both the new ring-fenced bank 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 and rights of deduction on transfer from Barclays Bank PLC to our ring-fenced bank; 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 the ring-fenced bank may specify. For more information, please refer to “How do these changes affect Barclays Bank Base Rate?” below.

  • 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.

  • Barclays’ new ring-fenced bank will be issued with a new Bank Identification Code (BIC).

    If you are transferring to our ring-fenced bank, your International Bank Account Number (IBAN) will also change, 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’.

    After the change, we will redirect any incoming payments that use your old IBAN for a period of 36 months. This is to make sure you have plenty of time to tell anyone who makes international payments to you about your new IBAN. To avoid potential delays, however, we encourage you to make arrangements 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 changed.

    We will contact you separately if your sort code is also changing.

  • Will ring-fencing affect my tax position?

    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 (BB PLC).

    In all other cases e.g. customers and clients moving to our ring-fenced bank or customers and clients who remain served by BB 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.

  • Changes when using UK accounts in the Crown Dependencies

    From April 2018, personal and business accounts held by the ring-fenced bank will only be serviced by UK branches, this is to ensure we align with ring-fencing legislation.

    We are contacting customers who hold personal and business accounts and may use Barclays branches in the Crown Dependencies, to let them know that some of the services that are currently available today, will no longer be available from April 2018.

    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.

    Why are we making these changes?

    Once ring-fencing takes place in April 2018 the Crown Dependency branches will remain in Barclays Bank PLC as they are located outside of the UK. Legal changes mean that the largest UK banks need to separate certain retail and business banking services, like savings accounts, current accounts and payments, from more complex wholesale and international banking operations (which includes the Crown Dependencies). 

    Our new ring-fenced bank will be separate from Barclays Bank PLC. Both banks will operate alongside, but independently from, one another as part of the Barclays Group under the listed entity, Barclays PLC.

    Which services will be impacted? 

    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 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 will not be able to use this in the Crown Dependencies. 

    For the other service transactions that will be restricted in the Crown Dependencies, such as transferring money/paying bills, customers can continue to use other channels including phone, online 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.

    What to do if you think you may be affected by this change?

    If you think that you may be adversely affected by these changes, you have the right to object to the ring-fencing transfer scheme and to have your objection heard by the Court. For further details, including any changes to the Court date, the means by which you can object to the scheme, a summary of the scheme and a report on the impacts of the scheme from the Skilled Person who has been approved to carry out this role by our regulators, please contact us via your usual point of contact at Barclays or refer to the following link.

  • 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 in the future 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 a result, when customer accounts in Sterling transfer to the ring-fenced bank in April 2018, if there is a reference to Barclays Bank Base Rate, that reference will be replaced with a reference to the Bank of England Base Rate.
    Barclays Bank Base Rate tracks the Bank of England Base Rate, but is not always guaranteed to do so. However, 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.

  • As a result of ring-fencing it is possible that, from a legal perspective, your Security may be 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 be 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

  • Barclays' approach to UK ring-fencing incorporates our objective to maintain solid investment grade credit ratings both before and after structural reform. We intend to create as much stability in the ratings of Barclays PLC, Barclays Bank PLC and Barclays’ ring-fenced bank as we can.

    More information on credit ratings

  • Although the Barclays entity with which you have a relationship may be changing, 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. In particular, we will be under the same obligation to uphold your data protection rights and to keep personal data secure.

    After the change, your personal data may be shared between our ring-fenced bank, Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group. We have clarified in the ring-fencing transfer scheme that we are able to share your personal data in this way and any changes will be deemed to be made to our agreements with you, only where it is necessary.

  • Certain liabilities of Barclays Bank PLC relating to the business that is being transferred to the ring-fenced bank will transfer to the ring-fenced bank. These include any liabilities in relation to products moving 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) transferring 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 in respect of the business that is being transferred to the ring-fenced bank will be transferred to the ring-fenced bank (in respect of liabilities transferring to the ring-fenced bank or the business being transferred to the ring-fenced bank).

We’re making changes to some sort codes

To align with the changes in banking legislation, the sort codes for some of our customers will need to change before January 2018. We will contact you individually if you are affected by this.

  • What impact will ring-fencing have on sort codes?

    One of the implications of ring-fencing legislation is that we won’t be able to have clients on the same sort code in both entities. As such, some clients’ sort codes may need to change. This is because sort codes can’t be shared between the ring-fenced bank and the rest of Barclays. At the moment, some sort codes are being used both by clients who will remain with Barclays Bank PLC and clients who will be moving to the new ring-fenced bank. This means there will be a requirement to change those sort codes impacted before we complete the transfer. Please note that account numbers will not change.

    A different sort code will also mean that your International Bank Account Number (IBAN) will change, as your IBAN includes your sort code. If this change affects you, we will keep you up to date with what is happening and when.

    You can continue to make payments using your old sort codes for up to 12 months after any changes are applied. Additionally, we will also forward any payments made to you using the old sort code details for up to three years.

    If you are impacted by sort code migrations we will contact you.

    If you have a relationship contact, they will be able to explain the changes and answer any questions you may have including concerns you have about the communications you have received. Dedicated support teams will also be available to help you prepare for the forthcoming changes and guide you through every step of the journey before, during and after the changes are applied.

    You can reach the dedicated support teams via the telephone numbers referenced in the communications regarding the sort code migrations.

    You may also receive emails regarding sort code migration. You should know that all emails from the Barclays sort code migration team will be sent from a Barclays email address with the domain @barclays.com. The full email address will have been provided during our first contact. 

  • When will the sort code change happen and how much notice will there be?

    We will move to the new sort codes over a series of weekends between July 2017 and January 2018. We will make sure we keep you up to date with what is happening and when. We will also contact you in good time to let you know that your changeover date is approaching.

    What are you doing to ensure that incoming and outgoing payments are not disrupted or delayed due to the sort code changes?

    Inbound payments (UK Three Day Payments (BACS), UK Faster Payment Services (FPS), domestic Same Day Payments (CHAPS), SEPA Credit Transfers and International Payments) will be automatically re directed to the new sort code for up to three years. Advices will be sent to the remitters of UK Three Day Payments (BACS) and payments sent via the UK Faster Payments Service (FPS) to ask them to amend future payment details.

    For a period of up to one year, you may send us files from your systems quoting your old sort code. This is so that you have plenty of time to amend your own systems if needed.

    UK Direct Debit originators will have their collection accounts updated centrally and their customers will see no change.

    Who needs to be told about this?

    We will contact anyone that pays you using the UK Three Day Payments (BACS) and UK Faster Payments Services (FPS) to ask them to amend future payment details. We may be in touch again towards the end of the redirection period, if we notice that companies/individuals have not updated their records, asking you to inform them of your new sort code.

 

 

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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