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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. As a result of these changes, the West Brom must also make some changes too.

How does ring-fencing impact the West Brom’s customers?

The changes we are making are necessary to make sure we are able to continue to help our customers with all their day to day financial needs. We will endeavour to keep the changes to a minimum and we will do everything we can to make it as easy as possible for our customers.

We will let customers know as soon as possible what these changes are and what it means for them (for example, some customers will have their account details changed with the introduction of a new sort code and/or a new savings account number).


What do you need to do?

If you are affected by the changes, we will tell you how and when the changes will take place and whether you need to do anything. You do not need to take any action unless you are requested to do so.

It is important to remember that customers of different banks or building societies may be affected in different ways. Even customers of the same bank or building society, such as the West Brom, may be affected in different ways.


Keep your details safe

It is important during this time of change that you are extra cautious and remain alert to the possibility of fraud:

  • Treat all letters, phone calls, emails and text messages with caution. Don’t assume they are genuine, even if the person seems to know some basic information about you.
  • Do not give out your account or card details or make changes to payments unless you are certain who you are dealing with.
  • Never disclose security details, such as your PIN or online banking password. Your bank or building society will never ask you for these.
  • Don’t be rushed or pressured into making a decision or acting quickly. A genuine bank or building society won’t mind waiting if you want time to think.

If you have any doubts at all about what you are being asked to do, check with your bank or building society. Always use contact details you can trust, for example the phone number on your bank statement or the website of your bank or building society, rather than any details provided in the communication in question.


All guides

Click here for all of our customer support guides, including savings, mortgages and insurance.

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