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Strategy

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About us

Wealth & Investments

How is Wealth and Investment Management changing?

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 client of Private Bank & Overseas Services please visit this page.

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

If you are a client of Wealth Management, Private Clients or Smart Investor you will be part of the ring-fenced bank and its subsidiaries. Any banking and credit products you hold with us will be provided by our ring-fenced bank when it begins operating in April 2018. Investment products and services will be provided by Barclays Investment Solutions Limited (BISL), which will be a wholly-owned subsidiary of the ring-fenced bank.

You do not need to take any action for the changes to take place. For clients with investment products moving to BISL from Barclays Bank PLC, the main difference will be in how un-invested cash is held which may lead to a reduction in future interest returns. You will receive a communication with further information about this change.

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. An example of this is changing references in customer and client agreements from Barclays Bank PLC to the new name of our ring-fenced bank, where applicable.

  • 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.

    Any banking and credit products you hold with us will be provided by our ring-fenced bank when it begins operating in April 2018, and will continue to operate as normal. If you have un-invested cash in investment products and services moving to BISL, the FSCS protection scheme operates differently for cash held as Client Money (see below). We will write to clients providing more information about any changes which may impact you.

  • From April 2018 investment products and services, currently provided by Barclays Bank PLC, will be provided by Barclays Investment Solutions Limited (BISL), which will be a wholly-owned subsidiary of the ring-fenced bank. As BISL is not a bank, any un-invested cash in your investment portfolio will be held as ‘Client Money’ (in accordance with the Client Asset and Money rules of the Financial Conduct Authority), rather than being held as a bank deposit. Client money is placed by BISL, with a panel of regulated and authorised banks it selects. Where the bank is authorised in the UK, where eligible, deposits may be protected under the Deposit Protection Scheme, up to the applicable limit should one of those banks become insolvent (currently this is £85,000 for all cash held per depositor, per bank). Where the bank is authorised in a country outside the UK, an equivalent protection may apply. In some circumstances this may result in a reduction in the level of FSCS deposit protection (for example, if you already hold deposits with one of the banks in which BISL deposits Client Money and this takes you over the FSCS guarantee limit with that bank). However losses caused by a failure in duty by BISL will, for eligible claimants, be protected by the FSCS Investment Scheme up to the first £50,000 (per investor, per firm) in the event that BISL was to become insolvent.

    We will write to clients providing more information about investor protection.
     

  • For most clients there will be no change in interest earned as a result of these changes and any banking and credit products you hold with us will continue to operate as normal.

    For clients with investment products moving to BISL from Barclays Bank PLC, the main difference will be in how un-invested cash is held. The diversification of your un-invested cash across multiple banks may lead to a reduction in future interest returns (where interest is paid), as cash held in this way must be placed on a short term deposit. In today’s interest rate environment, we currently pay 0% interest on all un-invested cash held as Client Money.

    Rates continue to be variable with interest paid, where applicable, on a monthly basis. If there are any future changes to interest rates affecting the products you hold with us, we will notify you of these changes in advance in the normal way.

    We will write to clients with further information about this change.

  • 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.

    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.

  • 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.

  • 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.

    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.

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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