Our ring-fencing plans explained

We are making some changes to the way our business is structured. This is to prepare for a change in UK law relating to ring-fencing. The majority of our customers won't need to do anything as they are not affected.

The Royal Bank of Scotland Group plc, along with other major UK banks, is required by UK law to separate everyday banking services from investment banking. This separation is called ring-fencing and is designed to make banking safer and to help protect the UK economy. It becomes law from 1 January 2019 and to prepare for it we need to make some changes to the way our group is structured. To find out more about ring-fencing, watch our video or read on.

What this means for our customers

The majority of our customers will experience very little change. They will continue to use the same bank account they have today, with the same cards and cheque books. For those customers where there may be any difference in products, or how we provide them, we will be in touch to explain this fully.

To help facilitate the separation of essential banking services from investment banking services, we are using a legal scheme called a Ring-Fencing Transfer Scheme (RFTS). We are planning to complete two RFTSs during the course of 2018. We are pleased to confirm that the first RFTS (RFTS 1) was implemented on 30 April 2018.

We will complete a further RFTS (RFTS 2), later in 2018 which will transfer certain markets products from NatWest Bank Plc to NatWest Markets Plc. 

Customers impacted will receive information on how these changes may impact them and further information is available on this website.

Our final ring-fenced legal structure and the actions taken to achieve it, remain subject to, amongst other factors, additional regulatory, Board and other approvals as well as employee information and consultation procedures. All such actions and their respective timings may be subject to change, or additional actions may be required, including as a result of external and internal factors including further regulatory, corporate or other developments.

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