What is ring-fencing?

Ring-fencing is one of the changes the government brought in to

  • help reduce the chances of another financial crisis happening, and to
  • better protect your day-to-day banking services such as current and savings accounts.

It means that some large UK banks will have to change the way they’re set up because they’ll have to separate these accounts from the riskier parts of their business, such as investment banking. The idea is that if any of these investment activities get into trouble in the future, the money in your current or savings accounts will be safe.

The rules affect all banks that have over £25 billion in consumer and small business deposits. So, any accounts you have with smaller banks won’t have to change.

What does ring-fencing means for TSB customers?

As we’re a relatively simple UK retail bank, ring-fencing doesn’t impact us very much. This means that we don’t have to make any major changes and no TSB customer accounts will be affected.

But, if you have accounts with other banks they may have to make some changes, such as issue you with a new sort code or account number. They’ll tell you if they’re going to doing this, when and whether you need to do anything. This will happen during 2017 and 2018 and must be finished by 1 January 2019.

Be on the lookout.

It’s at times like this that fraudsters may try to take advantage of you. So, you should stay alert to the possibility of scams:

  • Be suspicious of all letters, phone calls, emails and text messages you get from anyone saying they’re from your bank. Don’t assume they’re genuine, even if the person seems to know some information about you.

Don’t give out your account or card details or make changes to payments unless you’re certain who you’re dealing with.

  • Never tell anyone your security details, such as your PIN or online banking password. Your bank will never ask you for these.
  • Don’t be rushed or pressured into making a decision or acting quickly. A genuine bank won’t mind waiting if you want time to think.

Always use contact details you can trust, for example the phone number on your bank statement, rather than any details on the communication itself. If you have any doubts at all, you can contact us on 03459 758 758.

Find out more about ring-fencing on the Financial Conduct Authority’s website. 

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