Technical Requirements

Ring-fencing changes: how to be extra vigilant about fraud

Ring-fencing is new UK legislation brought in after the financial crisis to protect customers and the day-to-day banking services they rely on. It mostly affects larger UK banks that will have to separate their day-to-day banking from other, riskier, activities such as investment banking.

Although the majority of our customers won’t be affected by ring-fencing changes, other banks will be making changes which may require their customers to change their sort code and account numbers. During this period of change in UK banking, you should be extra vigilant of fraud and scams.

• Don't assume that letters, phone calls, emails and text messages are genuine even if the person knows information about you.
• Don't feel pressured into making a decision or acting quickly. A genuine bank or organisation won’t mind waiting if you want time to think.
• If you receive instructions about a change in bank details from companies you make regular payments to, you should contact them on a number you normally use to check these are genuine.

Further details about ring-fencing and managing the risk of fraud may be found on our websites Fraud prevention and security centre