From 1 January 2019, the UK’s largest banking groups, including Santander UK plc ("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 UK 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.
Ring-fencing and Santander International
Under the UK ring-fencing legislation, a ring-fenced bank, such as Santander UK, is not allowed to have branches or subsidiaries outside of the European Economic Area, which includes Jersey and the Isle of Man. We are therefore proposing to transfer our Jersey and Isle of Man branches from Santander UK to another part of the Santander Group. The proposal is subject to regulatory approval and legal processes in Jersey and the Isle of Man.
We are writing to all of our customers about the proposed changes. To find out about the changes that are taking place that affect the Jersey and Isle of Man branches, who both trade under the brand name Santander International, please click on the links below.
NB - If your account is held/situs in Jersey please click on the Jersey branch link, if your account is held/situs in the Isle of Man, please click on the Isle of Man branch link. If you hold accounts in both islands please click on them both as the information is slightly different.