Credit Card Help - FAQs

 

All your questions answered.

 

Vanquis credit card FAQ's - Vanquis


Ring-fencing

What is “ring-fencing”?

Following the financial crisis which began in 2007, UK legislation was passed to better protect customers and the day-to-day banking services they rely on. The legislation requires each large bank to separate services like current accounts, savings accounts, and payments from risks in other parts of the business, for example in investment banking.

 

This separation is called ‘ring-fencing’. It means that large banks may need to change the way they are structured. Banks will be making changes during 2017 and 2018 to complete the process by 1 January 2019.

Was this answer useful?

Need more help?

Call us on 0330 099 3000

Please click here for call charge information

What impact does “ring-fencing” have on me?

You do not need to take any action unless you are contacted by your bank. If you are affected by the changes, your bank will tell you how, when the changes take place and whether you need to do anything.

 

Customers of different banks may be affected in different ways. Even similar customers of the same bank may be affected in different ways.

 

Some bank customers will experience changes to their account details. For example, some customers may receive a new sort code or a new account number. If you are affected in this way, your bank will ensure that any outgoing payments, for example standing orders and Direct Debits, are made as normal. Your bank will also redirect to your new account details any incoming payments made to your old account details.

 

All bank customers should remain alert to the possibility of fraud.

 

It is recommended that customers:

  • 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.
  • A genuine bank or organisation will never contact you out of the blue to ask for your PIN, full password or to move money to another account. Only give out your personal or financial details to use a service that you have given your consent to, that you trust and that you are expecting to be contacted by.
  • 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 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.

Was this answer useful?

Need more help?

Call us on 0330 099 3000

Please click here for call charge information