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 required 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, called ‘ring-fencing’, occurred on 1 January 2019.

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

We did not make any changes to sort code and account numbers as a result of ring-fencing. However, a very small number of Clydesdale Bank business customers saw changes to the products and services that we were able to provide.

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
• https:// www.bankofengland.co.uk/quarterly-bulletin/2016/q4/ring-fencing-what-is-it-and-howwill- it-affect-banks-and-their-customers

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.

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/