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Wealth & Investments

The following page explains the changes that have taken place for customers that have moved from Barclays Bank PLC into our new ring-fenced bank on 1 April 2018.

How is Wealth and Investment Management changing?

Barclays has separated the Wealth and Investment Management business into two distinct businesses:

  • Wealth & Investments, which is part of the UK ring-fenced bank, Barclays Bank UK PLC (BBUKPLC), focusing on financial products and services to UK clients. This business includes our Wealth Management and Private Clients offerings and will also include Smart Investor later this year
  • Private Bank & Overseas Services, which remain part of Barclays Bank PLC, offering eligible UK clients and international clients a broader range of financial products and services

Clients with accounts in the UK are 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. We expect clients of our Smart Investor proposition will be serviced by the ring-fenced bank and its subsidiaries later this year. Until this time, Smart Investor services will continue to be provided by Barclays Bank PLC.

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

How does this affect me since I was not transferred to the ring-fenced bank?

If you are a client of Private Bank & Overseas Services please visit this page.

What does it mean now that I have transferred to the ring-fenced bank?

If you are a client of Wealth Management or Private Clients, the services you receive are provided by the ring-fenced bank and its subsidiaries. Any banking and credit products you hold with us are now provided by our ring-fenced bank. Investment products and services will be provided by Barclays Investment Solutions Limited (BISL), which is a wholly-owned subsidiary of the ring-fenced bank.

* The move of Smart Investor services from Barclays Bank PLC to BISL has not happened as part of the initial ring-fencing set up in April 2018, but is expected to be completed later this year. We will provide more details closer to the time. The changes listed below will therefore not take effect until this time. Smart Investor clients will continue to earn interest and if your money is eligible for protection today under the UK Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme it will remain protected.

Restrictions on Transfer and Court Orders

Where accounts that would have otherwise transferred 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 the subject of a Court order imposing restrictions upon them (such as a freezing order), the items have been 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 have changed, 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 Terms and Conditions have changed, we will have already communicated this to you. 

  • If you were eligible for protection under the Financial Services Compensation Scheme (FSCS) Deposit Protection Scheme before the implementation of ring-fencing, your money is still eligible for protection today.

    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 are 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 are provided by our ring-fenced bank. If you have un-invested cash in investment products and services which have moved to BISL, the FSCS protection scheme operates differently for cash held as Client Money (see below). We have written to clients providing more information about the changes which may impact you.

  • Investment products and services, previously provided by Barclays Bank PLC, are now provided by Barclays Investment Solutions Limited (BISL). This is a separate company which is a wholly-owned subsidiary of the ring-fenced bank. As BISL is not a bank, any un-invested cash in your investment portfolio is 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 have already written to clients providing more information about investor protection.

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

    For clients with investment products which have moved to BISL from Barclays Bank PLC, the main difference is in how un-invested cash is held. The diversification of your un-invested cash across multiple banks may reduce 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 have been any changes to interest rates affecting the products you hold with us, we will have notified you of these in the normal way.

  • Barclays’ new ring-fenced bank was issued with a new Bank Identification Code (BIC) BUKBGB22.

    If you have transferred to our ring-fenced bank, your International Bank Account Number (IBAN) has now changed, 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’.

    We are currently redirecting 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.

    However, we encourage you to update your new payment details 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 now changed.

  • If you are a client of Wealth Management or Private Clients who held an ISA with Barclays Bank PLC, your ISA Manager has changed from Barclays Bank PLC to Barclays Investment Solutions Limited (a subsidiary of Barclays Bank UK, our ring-fenced bank). The change took place on 1 April 2018.

    The address of your new ISA Manager is:

    Barclays Investment Solutions Limited
    1 Churchill Place
    Canary Wharf
    London
    E14 5HP

    We have transferred your ISA to the new ISA Manager automatically so there is nothing you need to do.

    In April, you will get a new ISA account number but, until then, you can continue to use your ISA as normal. This change is simply to ensure your ISA is managed within our ring-fenced bank and its subsidiaries.

    If you want to transfer, you can request to move at any time under the HM Revenue & Customs ISA rules.

  • 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 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.

    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.

  • 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. We will be under the same obligation to uphold your data protection rights and to keep personal data secure.

    Your personal data may be shared between our ring-fenced bank (Barclays Bank UK PLC), Barclays Bank PLC, their respective subsidiaries and other parts of the Barclays Group.

  • Certain liabilities of Barclays Bank PLC have been transferred to the ring-fenced bank, where the business to which these relate has also transferred. These include any liabilities in relation to products that have moved 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) that have transferred to the ring-fenced bank.

    Any liabilities of Barclays Bank PLC or Woolwich Plan Managers Limited have been transferred to Barclays Investment Solutions Limited (BISL), where the business to which these relate has also transferred. These include liabilities in respect of products that have moved to BISL.

    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 have been transferred to:

    • the ring-fenced bank (in respect of liabilities or the business which have been transferred to the ring-fenced bank); or
    • BISL (in respect of liabilities or the business which have been transferred to BISL).

We’ve made changes to some UK sort codes

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

Information for individuals receiving banking services from Barclays

Key information about the business activities of Barclays Bank PLC following ring-fencing

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