Post on 06-May-2018
Our ring-fenced bank
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After the global economic crisis of 2008,
the UK Government put new rules in place
to protect the economy and taxpayers in
case of something similar happening again.
The rules say that UK banks, with deposits
of £25 billion or more, will have to keep
their retail business separate from their
wholesale and investment banking
business. This is sometimes called
ring-fencing.
We’re changing the way HSBC is structured
in the UK – creating a new ring-fenced bank
called HSBC UK for our personal and most
of our commercial customers. This change
is simply a new legal entity, which ensures
we meet the new banking rules, so we can
continue to help you with all your day to day
financial needs.
HSBC UK customers will continue to
benefit from the knowledge, experience
and financial strength that HSBC has gained
through more than 150 years in banking.
HSBC UK – our ring-fenced bank
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Page
HSBC UK – our ring-fenced bank 2
Who will be in the ring-fenced bank, HSBC UK? 3
Who will remain in the non ring-fenced bank, HSBC Bank plc? 3
What does it mean for me? 4
Sort code and account number changes 5
Will there be any other changes? 6
Where can I get more information from? 7
Be fraud aware. Take five. 8
Contents
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} HSBC personal and commercial
customers in the UK, including
UK Business Banking customers
categorised as Non-Bank Financial
Institutions
} Our other UK retail brands M&S Bank
and first direct
} UK Private Bank clients
Marks and Spencer Financial Services plc (MSFS) and HSBC Private Bank (UK) Limited
(PBGB) will be subsidiaries of the new bank.
Who will be in the ring-fenced bank, HSBC UK?
} All our Global Banking & Markets
customers within our wholesale and
investment banking division
} Relevant Financial Institutions, including
UK Corporate Banking customers
categorised as Non-Bank Financial
Institutions
} Customers of non-UK branches of HSBC
Bank plc, including Channel Islands and
Isle of Man customers
Who will remain in the non ring-fenced bank, HSBC Bank plc?
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For the vast majority of our customers there will be very little change. However we will
need to make some changes in preparation for the transfer of customers to HSBC UK.
We’ll do all we can to simplify this process for you but we do understand this will cause
some inconvenience.
These changes should have no impact on how you interact with us today - your
relationship manager (if you have one) will remain with you.
If you have accounts with more than one bank in the UK, this may mean you’ll receive
similar communications from them too.
What does it mean for me?
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Our sort codes are aligned to either the ring-fenced bank or non ring-fenced bank, but a small
number of sort codes are currently shared by both ring-fenced bank and non ring-fenced bank
customers. If you do need to move sort codes, your accounts number(s) may also change.
We’ll write to everyone affected advising them of the changes.
If you currently use debit cards, cheque books or paying-in books, you’ll receive new ones
as a result of this change.
For more information specific to this change please download a copy of our sort code
brochure which can be found on our website.
Bank Identifier Code (BIC) & International Bank Account Number (IBAN) changes
To distinguish HSBC UK from the rest of the bank we need to introduce a new BIC.
This will mean that HSBC UK customers will receive new IBANs, as these contain part of
the new BIC. You need to know your BIC and IBANs if you receive international payments
and sometimes if you’re sending them.
We’ll let you know when this change happens. Until you hear from us, please continue to
use your existing details as shown in the top right-hand corner of your paper statement.
Ring-Fencing Transfer Scheme
All the activities outlined will enable us to separate the ring-fenced bank and non ring-fenced
bank. HSBC UK customers will be transferred under a Court approved ring-fencing transfer
scheme and for the vast majority of these customers, this means very little change. Before
this happens, we’ll explain how this may affect you and how the transfer process will work.
Sort code and account number changes
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Accounts on sort code 40-05-15
This sort code is currently used for currency accounts and other HSBC product offerings.
If you have any accounts on this sort code and will be an HSBC UK customer, you’ll be
contacted separately regarding any future changes.
Debit and Credit Cards
To differentiate between the two banks, the non ring-fenced bank will have a different
Bank Identification Number (BIN). A BIN number is the first six digits of a 16-digit card
number. This means, if you’re remaining in HSBC Bank plc, you may receive new cards
outside of the normal expiry period.
Terms and Conditions
We don’t anticipate any changes to our terms and conditions (other than changing the
legal entity name), and the products, services and the way you bank today (online, mobile,
through a branch or phone) will stay the same.
Will there be any other changes?
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Please visit the ring-fencing section of our website: www.hsbc.co.uk/ringfencedbank
The Financial Conduct Authority (FCA) and Bank of England (BoE) have also published
some information explaining more about ring-fencing here.
FCA: www.fca.org.uk/consumers/ring-fencing
BoE: www.bankofengland.co.uk/Publications
Alternatively for general queries, you can call our dedicated ring-fencing helpdesks
on one of the numbers below, or use the number which is specific to your query.
Personal Customers Sort Codes: 0345 266 1359
(International Number +44 345 266 1359)
Personal Customers BIC and IBAN: 0345 587 3515
(International Number +44 345 587 3515)
Commercial Customers: 0345 266 1027
(International Number +44 147 069 7133)
Where can I get more information from?
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At HSBC protecting our customers from fraud is a key priority for us. We’d like to remind customers to “take five and stop to think”.
1. Never disclose security details, such as your PIN or your full password. No genuine bank or organisation will call you and ask for these details.
2. Don’t assume a text, e-mail request or caller is genuine.
3. Don’t be rushed: a genuine bank or organisation won’t mind waiting to give you time to stop and think or ask questions.
4. Listen to your instincts: if something feels wrong, pause and question it.
5. Stay in control and have the confidence to refuse or ignore unusual requests for information.
As part of our ring-fencing changes, we will NEVER ask you to move your money between accounts. If you have any concerns at all, please contact one of our helpdesks.
For more information on the take five campaign, please visit www.takefive-stopfraud.org.uk
Be fraud aware. Take five.
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hsbc.co.uk
Issued by HSBC Bank plc Customer Information: PO Box 6201, Coventry CV3 9HW PO Box 14, St Helier, Jersey JE4 8NJ PO Box 31, St Peter Port, Guernsey GY1 3AT PO Box 20, Douglas, Isle of Man IM99 1AU
99487-5 MCP47461 04/17 ©HSBC Bank plc 2017. All Rights Reserved. Printed by St Ives Management Services Ltd.
This brochure has been printed on paper made from responsibly-managed forests.
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