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22nd December 2017
Important changes to our bank account details
Our bank details have changed due to new rules on UK ring-fencing regulations. After the global financial crisis which began in 2007, the UK Government arranged for an independent review of the ways in which UK banking groups are organised. This independent review recommended several important reforms designed to strengthen the financial system.
Ring fencing is one of these reforms and was introduced in the Financial Services (Banking Reform) Act of 2013. It means all UK Financial Institutions, have to comply with new requirements to ring-fence their retail activities (like current accounts, savings accounts and payments). As a result of these regulatory changes our bank details have changed. You can find out more about ring-fencing on the HM Treasury website: https://www.gov.uk/government/publications/ring-fencing-information
What do I need to do?
If you have a regular Standing Order set up you don’t need to take any action, your funds will be automatically redirected to the new account number. The only change you may see is that the reference of the payment from your bank account may change on your bank account statement.
If we need you to make any changes to payments you have set up, we will contact you in writing letting you know what action you need to take.
We will keep you updated on any changes on this page. If you have any questions, please get in touch with your local branch.
Watch out for fraud
Remember to be vigilant when you receive communications from someone claiming to be us. We will only ever write to you about your account, we would not email, text or phone you. Be wary about any communication from someone asking for personal details. You can find out more about fraud and cyber-crime by visiting the Action Fraud website www.actionfraud.police.uk
If you'd like to discuss your financial needs or think you need advice call in at your local branch. All our branches also have a mortgage advisor ready and waiting to talk.