Post by sandbrain on Apr 26, 2017 12:54:17 GMT
HSBC are starting to roll out account changes relating to ring fencing www.fca.org.uk/consumers/ring-fencing. Extract from an HSBC brochure, which explains it pretty well:
Having had the same account no. for the past 40 years, mine will be changing in June 2017, so not very happy. This affects me as I'm with one of their larger branches, which is remaining part of HSBC Bank plc rather than moving to HSBC UK . Never had a problem with HSBC but still a decision point on whether to take the opportunity to change banks as this is going involve a bit of admin - and of course some banks pay interest on current accounts. Hopefully not too painful but I have several P2P platforms to update for starters. Payments received into the old accounts will be redirected until the end of 2018, apparently, but I won't wait that long!
Our sort codes are aligned to either the ring-fenced bank or non-ring-fenced bank, but a small number of sort codes are currently shared by both ring-fenced bank and non ring-fenced bank customers. Therefore we will need to move some customers, including you, to different sort codes which are aligned to the correct bank. When your accounts are moved to a new sort code, your account number(s) will also change.