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 Bank Structural Reform Legislation, to strengthen the UK banking industry and protect customers and taxpayers. They must be in place by 1 January 2019.
The majority of our personal banking services will be ring-fenced which means most customers will not see any changes. You’ll carry on banking as you do today and your bank details will stay the same.
Eligible deposits will continue to be protected by the Financial Services Compensation Scheme (FSCS). You can find more about the FSCS at www.fscs.org.uk.
It’s important to keep your bank details safe whether you’re chatting with friends, shopping online or managing your bank account.
Fraudsters contact people pretending to be Cheltenham & Gloucester, or other well-known companies. They may use email, text messages or call you by phone.
They do this to get access to your bank account, get you to send money to them or take control of your device to steal your personal data or send your computer a virus.
At Cheltenham & Gloucester we’ll never ask you to:
Although the majority of our customers will see no changes, other banks will be making changes related to ring-fencing and fraudsters will take advantage of this period. If you receive instructions about a change in bankdetails from companies you make regular payments to, you should contact them on a number you normally use to check these are genuine.
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.