Following the financial crisis in 2007/2008, UK legislation was passed to ensure that the everyday banking services relied on by customers are better protected. This legislation requires large banks in the UK to separate day-to-day services i.e. current accounts, savings accounts and payments, from other, riskier parts of their business.
This separation, known as ‘ring-fencing’, means that banks may need to change the way they are structured by 1st January 2019.
How might it affect me?
This restructuring may mean that your bank issues you with a new sort code or account number. If this is the case, they will contact you directly, advising of the changes being made and when they will occur.
Any such change will require you to update the details of the Nominated Account associated with your Ford Money accounts. This is due to the fact that, in accordance with our Terms and Conditions, receiving a deposit from a sort code and/or account number that differs to those held on your file would result in that deposit being rejected. In this instance, a communication would be issued advising you of the returned payment.
Please remember that for security purposes any changes to a Nominated Account include a 14 day pending period before the new details are activated.
Further information regarding ring-fencing can be found on the FCA website at https://www.fca.org.uk/consumers/ring-fencing.
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