Ring fencing

Following the financial crisis which began in 2007, UK legislation was passed to better protect customers and the day-to-day banking services they rely on. The legislation requires each large UK bank to separate services like current accounts, savings accounts, and payments from risks in other parts of the business, for example in investment banking.

This separation is called ‘ring-fencing’. It means that large UK banks may need to change the way they are structured. Banks will be making changes during 2017 and 2018 to complete the process by 1 January 2019.

Clydesdale Bank does not undertake activities such as investment banking therefore the impact on the Bank and its customers is very limited compared to other larger UK banking groups.

We will not be making any changes to sort code and account numbers as a result of ring-fencing.

Most Clydesdale Bank customers will not see any changes as a result of ring-fencing.

However, a very small number of Clydesdale Bank business customers may see changes to the products and services that we will be able to provide in the future. If you are affected by these changes we will contact you shortly with more information.

You do not need to take any action unless we contact you.

Customers of other banks may be affected in different ways. They may experience changes to their bank account details. For example some customers may receive a new sort code and/ or account number.

If you have accounts with other banks, they will tell you if your accounts are affected. You do not need to take any action unless you are contacted by your bank.

You can find out more about ring-fencing and bank structural reform legislation, on the Financial Conduct Authority and the Bank of England websites below.

• www.fca.org.uk/consumers/ring-fencing
• www.bankofengland.co.uk/publications/Pages/quarterlybulletin/2016/q4/a1.aspx

At a time when changes are happening in the banking industry, all bank customers should remain alert to the possibility of banking and online account scams.

Steps you can take to protect yourself include:

• Treat all letters, phone calls, emails and text messages with caution. Don’t assume they are genuine if they claim to be from your bank. It is best to check with your bank using the number on your card or bank statement.
• Do not give out your account or card details or make changes to payments unless you are certain who you are dealing with.
• Never disclose security details, such as the PIN for your bank or credit card or your online banking password. Remember a bank or other genuine organisation will never ask you for these.
• Don’t be rushed or pressured into making a decision or acting quickly. A genuine bank or other organisation won’t mind waiting if you want time to think.

Find out more ways to protect yourself from banking and online account scams at: www.fca.org.uk/consumers/banking-online-account-scams

If you are suspicious about any approach please contact the Bank immediately.

At Clydesdale Bank we'll never call you and ask you to:

• Share any internet banking account details like user ID, password and memorable information.
• Tell us your personal security number (PSN) for telephone banking.
• Tell us your PIN code, expiry date, CVV number (the last 3 digits of the security code on the back of your card).
• Move money to a so-called secure account, safe or holding account.
• Move your money or ask you to transfer funds to a new sort code and account number that we provide.

For more information on how to stay secure online, visit our security centre (links below) which includes details of our online and mobile banking promise.

Security Centre – Personal Customers

• www.cbonline.co.uk/personal/ways-of-banking/help-and-support/security/

Security Centre – Business Customers

• www.cybusinessonline.co.uk/security/protecting-yourself/
• www.cybusinessonline.co.uk/security/our-protection/