Ring-fencing and Santander

From 1 January 2019, the UK’s largest banking groups, including Santander UK, will be required to keep personal and small business banking services, such as current accounts, savings accounts and payments, in a separate part of their banking group. This is known as ‘ring-fencing’ and personal and small business banking services will have to be provided by a ‘ring-fenced bank’.

Why is ring-fencing happening?

The requirement for ring-fencing was one of the reforms brought in by the UK Government to strengthen the financial system following the financial crisis that began in 2007. Ring-fencing will protect personal and small business customers and the day-to-day banking services they rely on from unrelated risks elsewhere in a banking group and the wider financial system.

What ring-fencing means for you

While we’ll be changing the way we’re structured so that our ring-fenced bank is legally and financially independent, the vast majority of our customers, including our personal and small business banking customers, will not be impacted by our ring-fencing plans.

In addition, if your money is eligible for protection today under the UK Financial Services Compensation Scheme (FSCS), ring-fencing won’t change that.

Our plans involve a legal process called a ‘ring-fencing transfer scheme’. The ring-fencing transfer scheme was approved by the High Court on 12 June 2018. You’ll find full details about the scheme here.

What ring-fencing means for you

Use the links below to find out more about what our plans mean for you.
Personal customers
Business customers
Corporate & Commercial customers
Santander International customers
Global Corporate Banking customers
Cater Allen Private Bank customers