Ring-fencing and Birmingham Midshires
10 April 2017
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.
You can find out more about ring-fencing and Bank Structural Reform Legislation, at the Financial
Conduct Authority’s website here
and the Bank of England’s website here.
What ring-fencing means for Birmingham Midshires customers
The majority of our personal banking services will be ring-fenced which means most customers will
not see any changes and will carry on banking as you do today.
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.
Keep your bank details safe
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 Birmingham Midshires, 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 Birmingham Midshires we’ll never ask you to:
- Share any Internet Banking account details like username, password and memorable information.
- Tell us your Personal Security Number (PSN) for Telephone Banking.
- Tell us your PIN code, expiry date, CVV number (the last 3 digits of the security code on the back of your card).
- Move money to a so-called secure account, safe or holding account.
- Move your money or ask you to transfer funds to a new sort code and account number that we provide.
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 bank details from companies you make regular payments to, you should contact
them on a number you normally use to check these are genuine.
For more information on how to stay secure online, visit our security pages.
If you have accounts with other banks
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.
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