Following the financial crisis, UK legislation was passed to better protect retail and business banking customers and the day-to-day banking services they rely on. The new rules mean large UK banks must separate personal and business activities such as current and savings accounts, from risks in other parts of the business such as complex wholesale banking. This is called ‘ring-fencing’. Banks are taking different approaches to how they are implementing these rules and are making changes now, to complete them by 1 January 2019.
Lloyds Bank is owned by Lloyds Banking Group. You can find out more about Lloyds Banking Group’s approach to ring-fencing on the Group’s website. Please check those pages for regular updates.
The majority of our Business and Commercial Banking services are not affected, most clients will not see any changes and your bank account details will stay the same.
We are setting up a new bank so we can continue to offer more complex products and services. The new bank will be known as Lloyds Bank Corporate Markets plc1.
If your business is going to be impacted by these changes, we will contact you to let you know what this means for you.
Clients with a single Relationship Manager will continue to have one primary contact providing products and services from both Lloyds Bank and Lloyds Bank Corporate Markets.
The Court process is called the Ring-Fencing Transfer Scheme (RFTS). Following the Court approving the RFTS on 12 April 2018, Lloyds Banking Group is on track to comply with the legislation in advance of the 1 January 2019 deadline. You’ll find full details about the RFTS and the Court process on the Lloyds Banking Group website . Or, call your usual contact.
Although the majority of our clients will see no changes, other banks will be making changes related to ring-fencing. During this period of change in UK banking, you should be extra vigilant about fraud.
At Lloyds Bank we’ll never phone or email you asking you for your full Unique Reference Number, password, PIN or reader codes, or to transfer funds to a new sort code and account number that we provide.
Don’t assume that letters, phone calls, emails and text messages are genuine even if the person knows information about you.
Don’t feel pressured into making a decision or acting quickly. A genuine bank or organisation won’t mind waiting if you want time to think.
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.
We use the latest security measures to protect your business but there are also simple solutions you can put in place to safeguard against fraud:
For more information on how to stay secure online and to download our Fraud Guidance Booklet go to our security pages which include details of our online and mobile banking guarantee.
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.
1Lloyds Bank Corporate Markets plc is the legal name for Lloyds Banking Group’s new non-ring-fenced Bank. Lloyds Bank Corporate Markets plc was authorised with restrictions on 25 July 2017, and is now registered as a Credit Institution on both the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) websites (Reference number: 763256). Until the restrictions are removed by the FCA and the PRA, Lloyds Bank Corporate Markets plc is limited in its ability to undertake or have migrated to it any regulated financial services activities.
Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.
Personalisation. We will always greet you personally using your Title and Surname. We will never use ‘Dear User’ or ‘Dear Valued Customer’. Where you hold an existing account with us, we will quote the last four digits of your account number, such as your current account, savings account or credit card. If you don’t yet have an account with us but we have your postal address details, we may use part of your postcode. Internet Banking-related emails may also include your Internet Banking User ID.
Links. All links within our emails will go to a page on www.lloydsbank.com, or to trusted Government regulatory websites (e.g. Financial Ombudsman, Financial Conduct Authority, etc). Research emails may take you to a partner research company website but you will not be asked for any Internet Banking log in details. In fraudulent emails, website addresses may appear genuine on first sight, but if you hover your mouse over the link without clicking, it may reveal a different web address. On our genuine emails the link address always starts with email.lloydsbank.com or www.lloydsbank.com. We will never link direct through to our Internet Banking log in page or to a page that asks for your security or personal details.