What ring-fencing means for our personal banking customers

The majority of our personal banking services are not affected and most customers will not see any changes. Your bank account details will stay the same and you can carry on banking as you do now.

We will write to any customers who are affected explaining what the changes mean for them.

Eligible deposits will continue to be protected by the Financial Services Compensation Scheme (FSCS). You can find more about the FSCS here.

Some of the ring-fencing changes are made by a formal Court process

The Court process is called the Ring-Fencing Transfer Scheme (RFTS). Anyone who thinks the way we are implementing ring-fencing may affect them negatively has the right to participate in the Court process. You’ll find full details about the RFTS and the Court process here.

Be extra vigilant about fraud

Although the majority of our customers 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.

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.

Lloyds Banking Group banks will never call you and ask you to:

  • Share any Online Banking, Internet Banking account details like username, user ID, password and memorable information.
  • Tell us your Personal Security Number (PSN) or other password for Telephone Banking.
  • Tell us any PIN codes, expiry date, CVV number (the last 3 digits of the security code on the back of any card you may hold).
  • Move money to a so-called secure, safe, holding or savings account.
  • Move your money or ask you to transfer funds to a new sort code and account number that we provide.

If you have accounts with other banks

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.