What is ring-fencing?
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 requires each large 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 is called ‘ring-fencing' and means large banks may need to change the way they are structured. Banks will be making changes during 2017 and 2018 to complete the process by 1 January 2019. As a result of these changes, the West Brom must also make some changes too.