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Preparing for ring-fencing
About us

Wealth and Investment Management

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 a wider selection of financial products and services for UK and international clients with more complex financial needs.

Please be assured that you will continue to receive your current service until Barclays implements the new business structure in April 2018.

Clients with accounts in the UK will be part of the ring-fenced bank group 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. 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.

       Current structure                        Future structure

  • 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 BBPLC 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) Depositor 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’ 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 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.

  • 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

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