Find out what ring-fencing means to you.
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.
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:
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:
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
Security Centre – Business Customers
FFA UK is responsible for leading the collective fight against financial fraud on behalf of the UK payments industry.
A UK Government campaign offering a variety of tips and advice on the essentials for enjoying a safe online experience.
The Metropolitan police fraud team provide information as a resource to assist in combatting fraud and to prevent you becoming a victim of crime.
Find your nearest Clydesdale Bank branch, Business and Private Banking centre or ATM
If you have any concerns about fraudulent activity, please give us a call on:
You can find more information about Internet Banking in our help centre