• Ring-fencing and Bank of Scotland

  • Most major UK banks need to ring-fence their retail and business banking from more complex banking such as wholesale and investment banking. These new rules are being introduced by the Government as part of the Bank Structural Reform Legislation, to strengthen the UK banking industry and protect customers and taxpayers. They must be in place by 1 January 2019.

    You can find out more about ring-fencing and Bank Structural Reform Legislation, at the Financial Conduct Authority’s website and the Bank of England’s website.

    What ring-fencing means for Bank of Scotland clients

    The majority of our Business and Commercial Banking services will be ring-fenced which means most clients will not see any changes.

    We are setting up a new bank so we can continue to offer more complex products and services that will not be available from the ring-fenced bank. 

    If your business is going to be impacted by these changes, we will contact you to let you know what this means for you.

    Clients with a single Relationship Manager will continue to have one primary contact providing products and services from both Bank of Scotland and the new bank.

    Protect your business against fraud

    Although the majority of Bank of Scotland clients will see no changes, other banks will be making changes and fraudsters will take advantage of this period.

    We use the latest security measures to protect your business but there are also simple solutions you can put in place to safeguard against fraud:

    • using anti-virus software
    • securing your wireless connection
    • keeping your operating systems and software up to date with the latest releases as soon as they are available
    • if you receive instructions about a change in bank details from suppliers or customers you make regular payments to, you should speak to your regular contact there to check these are genuine.

    At Bank of Scotland we’ll never phone or email you asking you for your full Unique Reference Number, password, PIN or reader codes, or to transfer funds to a new sort code and account number that we provide.

    For more information on how to stay secure online and to download our Fraud Guidance Booklet go to our security pages which include details of our online and mobile banking guarantee.

    If you have accounts with other banks

    Most of the UK’s larger banks will be making changes to ring-fence their essential banking services so they are separated from more complex banking. If you have accounts with other banks, they will tell you if your accounts are affected by the changes they are making. If you have any questions you should contact the relevant bank directly.