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:
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.