Cater Allen Private Bank customers


What ring-fencing means for you

Cater Allen Limited, which is known as Cater Allen Private Bank, is a ring-fenced bank.

If you’re a customer of Cater Allen, there have been no changes to your sort code or account number as a result of ring-fencing, but there has been a change to Cater Allen’s Bank Identifier Code (BIC) and to your International Bank Account Number (IBAN). This will affect you if you make or receive international payments. You are also no longer able to use RBS branches to pay cash or cheques into your Cater Allen account.

A very small number of business customers are affected by the fact that a ring-fenced bank cannot have an exposure to certain financial institutions.

If you've been affected by any of these changes, we’ll have been in contact with you to explain what this means for you and how we’ll continue to serve your needs.

Protecting yourself from fraud and scams

Although we haven’t changed your sort code or account number as a result of ring-fencing, the sort code or account number of any account you have with any of the other UK banks subject to ring-fencing may have changed, as those banks have restructured their business to comply with the ring-fencing legislation. This is because each bank affected by ring-fencing has taken a different approach.

You should be aware that this may also mean the payment details of some people or organisations you pay on a regular basis may change. To make the change process smoother, any Direct Debits, standing orders or bill payments will automatically be redirected for you. All banks and building societies will support their customers in this way.

You should however remain vigilant for any fraudulent activity. While there will be genuine requests to change payment details, fraudsters may use this as an opportunity to trick you into sharing your account details or changing payment information so they can access your money. Find out more on protecting yourself from fraud and scams here.


Is ring-fencing a legal requirement?

Ring-fencing is a legal requirement for certain UK banks with effect from 1 January 2019. Any banking group that has more than £25 billion of UK deposits from individuals or small businesses will be affected by ring-fencing. In general, within these groups any UK bank that holds deposits from personal or small business customers will be a ring-fenced bank.

Have all banks subject to ring-fencing had to adopt the same approach?

No. There are different ways for banks to meet the requirements of ring-fencing legislation, so banks subject to ring-fencing have adopted different approaches depending on their structures, strategy and customer base. This means customers of different banks may be affected in different ways.

Which regulators have ensured Santander UK will comply with ring-fencing requirements?

Our plans for ring-fencing have been reviewed by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). The PRA is the lead regulator responsible for identifying which banks are within the scope of the ring-fencing legislation and for supervising banks’ implementation of the prudential rules. The FCA is working with the PRA, the Bank of England, HM Treasury and the banks that are subject to ring-fencing from the commencement of the regime to support the banks’ implementation of ring-fencing efficiently and on time.

Santander is a Spanish bank, so why does it need to adhere to UK banking laws?

Banco Santander, S.A. is a global banking group and each of its subsidiaries, including Santander UK, operates as an independently capitalised stand-alone business. Santander UK plc, Cater Allen Limited and Abbey National Treasury Services plc are each incorporated in the UK, are subject to UK legislation and are authorised by the UK Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. Banco Santander, S.A. is authorised and supervised by the European Central Bank and by the Bank of Spain, and its London branch is also subject to limited regulation in the United Kingdom by the FCA and the PRA.

What is a ring-fencing transfer scheme?

A ring-fencing transfer scheme is a legal process that facilitates transfers of business to create a ring-fenced bank.

Part VII of the Financial Services and Markets Act 2000, provides for a process leading to a court order to facilitate transfers of insurance or banking business. The Financial Services (Banking Reform) Act 2013 added a process for transfers of business in connection with the creation of a ring-fenced bank known as a ring-fencing transfer scheme.

The purpose of a ring-fencing transfer scheme is to enable banks to restructure their businesses in order to comply with the ring-fencing requirements that apply from 1 January 2019.

What was the purpose of Santander’s ring-fencing transfer scheme?

The purpose of our ring-fencing transfer scheme was to enable us to restructure certain parts of our business to comply with the ring-fencing requirements that apply from 1 January 2019.

Under the Scheme:

  • Certain corporate and wholesale markets business have been transferred between Santander UK plc, Abbey National Treasury Services plc and Banco Santander, S.A. London branch.
  • With effect from 1 January 2019, all liabilities of Santander UK plc and Abbey National Treasury Services plc under the existing cross-guarantees issued by each of them in respect of the liabilities of the other have been released and those cross-guarantees unwound.
  • Certain other changes have been made to the terms and conditions of some contracts.