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What does this mean for me?


We'll be working behind the scenes to make the changeover as smooth and seamless as possible. You will continue to submit business as you do today and continue to deal with your National Account Manager / Business Delivery Manager.

You'll see the Clydesdale name at the bottom of things we send, like emails and marketing documents. But the Virgin Money logo will still be at the top and you'll be looked after in the same Virgin Money way.

The transfer won't change the way you do business with us, but as we bring the two businesses even closer together, we may need to change some of our arrangements with you. Of course, if a change impacts you, we'll always give you plenty of notice and discuss it with you first.

What does this mean for my client?


We will be writing to all our existing customers as well as those who currently who have a Mortgage Offer, outlining what is happening and how the Virgin Money and Clydesdale transfer may affect them.

For any new business you are looking to place with Virgin Money we recommend you make your client aware of the Frequently Asked Questions for mortgage customers. In addition if they hold an account with "Clydesdale Bank", "Yorkshire Bank" or "B" which are all trading names of Clydesdale, there's some specific information they need to be aware of including how to object if they think the transfer will have a negative impact on them.


FAQs


Here are some things you may find useful as an intermediary partner using Virgin Money

You're an intermediary partner with Virgin Money, which is a separate bank from Clydesdale. So we can bring the businesses together as one bank, we're transferring the business of Virgin Money to Clydesdale. We expect the transfer to happen on 21 October 2019.

Clydesdale and Virgin Money are part of the same CYBG group. Clydesdale trades as “Clydesdale Bank”, “Yorkshire Bank” and “B”. Based in Glasgow, they have over 175 years of history and offer a full range of banking products and services. These include mortgages, current accounts, personal loans, credit cards and business bank lending. CYBG now owns Virgin Money.

Clydesdale has approximately 2.8 million customers across personal and business banking.

No. Following the transfer, you'll start to see the Clydesdale name at the bottom of things we send to you such as letters and emails. You'll still see the Virgin Money name and logo in all of our communications with you. The change means Virgin Money will be a trading name of Clydesdale.

This transfer of Virgin Money's business to Clydesdale is part of our three year phased integration programme which began when both banks joined the same group in October 2018. There are still other exciting steps to come, for example re-branding some Clydesdale products to the Virgin Money brand. If there are changes that impact you, we'll always give you plenty of notice, explain what it means for you and make it as seamless as possible.

The UK banking transfer scheme we are proposing to undertake is governed by Part VII of the Financial Services and Markets Act 2000. Under this act, the transfer needs to be approved by the Court.

A hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019, although this date may change. If it does, we'll update the Key Dates page

Of course. You can view a copy of the scheme document, together with a summary of the scheme on the documents page. If you'd rather be sent a free copy of the scheme document or summary, no problem – please just let us know.

You can call our dedicated contact centre on 0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK. We're here from 9am to 7pm, Monday to Friday and 9am to 3pm on Saturday. Or you can write to us at the FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle Upon Tyne NE3 4PL.

If approved by the Court, we expect the transfer from Virgin Money to Clydesdale to happen on 21 October 2019. If this date changes, we'll update the Key Dates page.

Yes. If you think the proposed transfer will impact you in a negative way, you can object prior to or at the court hearing. The court hearing is due to take place in the Court of Session in Edinburgh on 26 September 2019.

Here are the different ways you can object:
  1. Lodge formal written objections ('Answers') directly with the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. Answers should be lodged by 16 August 2019. If you wish to lodge Answers, you may want to seek independent legal advice. You'll also need to pay a court fee of £313.
  2. Send informal written objections directly to the Court of Session at Parliament House, Parliament Square, Edinburgh EH1 1RQ. There is no fee for sending in your informal written objections directly to the Court.

    Or if it's easier, you can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL with a copy and we'll submit your informal written objections for you. Please do this as soon as possible, but ideally before 13 September 2019. There is no fee for sending in your informal written objections.
  3. Go to the hearing in person. There is no fee for attending the hearing.

If you plan to send informal written objections to the Court, or attend the hearing in person, it would help us if you could let us know as soon as possible, ideally before 13 September 2019. You can email us at virginmerging@virginmoney.com, or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

If you object in writing or by email, make sure you include the reasons why you think the transfer will have a negative impact on you.

You won't be able to object after the court hearing on 26 September 2019.

No. There are no changes to the current relationships for the two lenders. Business Development Managers and other contacts within each business will stay the same. There are also no changes to any agreements you already have with Clydesdale.

The terms of our Offers of Loan won't change and we won't be issuing new paperwork. It just means that wherever Virgin Money is mentioned as the lender, this will change to mean Clydesdale from the date of the transfer, which we expect to happen on 21 October 2019. If this date changes, we'll update the Key Dates page.

If the mortgage completes before 21 October 2019, it will complete as an Offer of Loan made by Virgin Money and become an Offer of Loan with Clydesdale from this date.

If the mortgage completes after 21 October 2019, it will complete as an Offer of Loan made by Clydesdale.

You don't need to do anything. We won't be sending any new documents to you, your client or their solicitors. There won't be any changes to the terms of our Offer of Loan either. The Court Order approving the transfer will make it legally binding on Clydesdale, as if they had made it.

You should continue to submit business as you do with the Virgin Money and Clydesdale Bank brands as you do today. Should this change we will be in touch.

There are no changes as a result of the transfer, but as we bring the two businesses even closer together, we may need to make changes to some of our arrangements with you. If we do, we'll always give you plenty of notice and explain what it means for you.

We don't have any immediate plans to change any procuration fee arrangements or how we work with intermediaries. If we do, we'll always give you plenty of notice, explain what it means for you and make it as seamless as possible.

No. There are no changes as a result of the transfer, but as we bring the two businesses even closer together, we may need to make some changes to our processes, IT systems or terms. This will happen gradually, but if we make a change that impacts you, we'll always give you plenty of notice, and explain what it means for you.

No. There are no immediate changes. If we make a change that impacts you, we'll always give you plenty of notice and explain what it means to you.

No. There's nothing you need to do. You can carry on doing business with us as you do today. If we do change things, we'll let you know first.

Key dates and documents relating to the transfer

View copies of the draft legal documents detailing the terms of the transfer (the scheme), a summary of that scheme and some key dates.

View key dates and documents

Want to contact us?

Our dedicated contact centre team are here to help

0800 917 5722* or +44 (0)191 279 3465** if calling from outside the UK.

We're here 9am - 7pm Monday to Friday, and 9am - 3pm on Saturday. We may monitor calls for training and quality purposes, and to make sure we comply with regulations.

You can also email us at virginmerging@virginmoney.com or write to us at FSMA Contact Centre, Virgin Money, Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL.

Stay safe and secure

It's important to keep an eye out for fraud and scams, especially during times of change. To keep yourself safe, please follow these five rules:

  1. Never disclose security details, such as your PIN or full banking password.
  2. Don't assume an email, text or phone call is authentic.
  3. Don't be rushed - a genuine organisation won't mind waiting.
  4. Listen to your instincts - you know if something doesn't feel right.
  5. Stay in control - don't panic and make a decision you'll regret.

If you'd like to know more, visit our Staying safe online pages.

Take five to stop fraud

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