Banking Reform

The UK Financial Services (Banking Reform) Act 2013 requires the largest UK banking groups, including Santander UK, to comply with new requirements to ring-fence their retail banking from their other banking activities by 1 January 2019. Under the UK ring-fencing legislation, a ring-fenced bank is restricted from having branches or subsidiaries outside the European Economic Area (EEA) and, as the Isle of Man is outside the EEA, we will be transferring our Isle of Man business to another part of the Santander Group.

Earlier this year the Isle of Man branch started to offer new accounts under the trading name of Santander International.

It is now our intention to move existing Santander accounts held with the Isle of Man branch from the Santander UK system to the Santander International system as a necessary and important step in the ring-fencing process. We have written to customers with accounts that will be moved and in the coming months we will be in touch with customers about the transfer of our Isle of Man business to another part of the Santander Group.