UK Ring-fencing: no changes for Virgin Money customers

Following the financial crisis which began in 2007, UK legislation – called 'ring-fencing' – was passed to better protect customers and the day-to-day banking services they rely on.

The legislation requires banks to separate services like current accounts, savings accounts and mortgages from risks in other parts of their business, for example investment banking.

Virgin Money is a very simple, straightforward bank focused entirely on the UK. We don't do anything like investment banking, which means this legislation has little effect on us and has no impact on your products with us, or how you service them.

These changes do affect other banks and they will write to you to tell you what it means for any products you hold with them. At this time of change in the banking industry, we would ask you to remain alert to the possibility of fraud. For example:

  • Treat all letters, phone calls, emails and text messages with caution. Don’t assume they are genuine, even if the person seems to know some basic information about you.
  • Do not give out your account or card details or make changes to payments unless you are certain who you are dealing with.
  • Never disclose security details, such as your PIN or online banking password. Your bank or other genuine organisation will never ask you for these.
  • Don't be rushed or pressured into making a decision or acting quickly. A genuine bank or other organisation won't mind waiting if you want time to think.

If you have any doubts at all about what you are being asked to do, check with us or your bank. Always use contact details you can trust, for example the phone number on your bank statement, rather than any details provided in the communication in question.

If you have any questions about ring-fencing, please contact us.