Structural Reform/Ring fence banking
From 1 January 2019, the largest UK banks must separate core retail banking from investment banking. To comply, banks will need to move some customers into a new part of the bank. Different customers will be affected in different ways. Ring-fencing legislation applies only to UK banks with a 3-year average of more than £25bn ‘core deposits’ (broadly from individuals and small to medium-sized businesses).
The six banks that are expected to be impacted are: Barclays, HSBC, Lloyds Bank, RBS/NatWest, Santander and The Co-operative Bank.
Some customers will experience changes to their account details, they may be issued with a new sort code and/or their bank account number may change. During this transition period many banks have implemented an automatic redirection facility, allowing the existing bank details to be used for a period of time. However, each bank will be communicating with its own customers about ring-fencing and how it will affect them.
Please check with your current provider to establish if your firm will be affected. If applicable your membership manager can make changes to your panel membership via Conveyancer Zone.