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.
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).
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.
It is important during this time of change that you are extra cautious and remain alert to the possibility of fraud:
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.
Click here for all of our customer support guides, including savings, mortgages and insurance.