Frequently Asked Questions about the RFTS


Frequently Asked Questions about the RFTS


What is “ring-fencing”?

The Royal Bank of Scotland plc (“RBS plc”), along with other major UK banks, is required by UK law to separate everyday banking services such as current accounts, savings and payments, 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 the RBS group of companies is structured.

To make these changes we’re using a legal scheme called the ‘Ring-Fencing Transfer Scheme’ (RFTS). 

What is the ‘Ring-Fencing Transfer Scheme’ (RFTS) and why do you need Court approval? 

The RFTS is a court process and we need the Court’s permission before we can restructure our businesses.

The RFTS will transfer most of the personal, private, business and commercial business currently carried out by RBS plc to Adam & Company plc or National Westminster Bank Plc. On the same day as this transfer happens, Adam & Company plc will be renamed “The Royal Bank of Scotland plc” and the ‘current’ RBS plc will then be renamed “NatWest Markets Plc”.

When will the Ring-fencing Transfer Scheme become effective?

The preliminary Court hearing was held on 21 November 2017 and the final Court hearing to consider approving the RFTS is expected to be held on 22 March 2018.

If the Court approves the RFTS, we expect it will take effect on 30 April 2018.

How to make your views known about the RFTS?

If you think you would be adversely affected by the carrying out of the RFTS and wish to object, you need to do this by 23 February 2018 in order to ensure the Court will consider your objection at the hearing to consider approving the RFTS. No fee is payable to the Court for objecting in this way. You need to send a written statement of your views to all of the following:


a) the Court at Parliament House, Parliament Square, Edinburgh EH1 1RQ;

b) RBS plc at 36 St Andrew Square, Edinburgh EH2 2YB; and

c) the Prudential Regulation Authority, either:

i. by post to The Royal Bank of Scotland, Prudential Regulation Authority, Bank of England, Threadneedle Street, London EC2R 8AH; or

ii. by submitting it online here 


The Court may also consider any objections made in writing or in person at the hearing to consider approving the RFTS, although it may not do so if you have not followed the process for objecting described above.

How does the Ring-fencing Transfer Scheme impact you?

The majority of customers will bank with our ring-fenced banks using the same accounts, products and services that they use today. 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. Please take time to read “What this means for customers” section.

As a result of the RFTS, you’ll see a change of our Companies House and Financial Services Register details on the communications and documents you receive from us. There’s nothing you need to do.

If you bank with both RBS plc and Adam & Company plc; are compensation rights under the Financial Services Compensation Scheme impacted?

The information in this section will only be relevant to you if you have deposits with both Adam & Company plc and RBS plc. If the Court approves the RFTS, deposits held at Adam & Company plc and RBS plc will be within the same regulated bank. If you have deposits with both Adam & Company plc and RBS plc today, your deposits are currently covered separately in each bank by the FSCS. The FSCS compensates you if your UK authorised financial provider stops trading or becomes insolvent. After the RFTS, these deposits will be held with the same bank and will be covered by a single FSCS protection of one bank. If you are impacted in this way and lose FSCS protection, you can withdraw affected balances up to three months after the Effective Time. We can help you find a suitable alternative account.

Any questions? You can find more information about the FSCS at

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