The aim of ring-fencing is to ensure that banks providing services on which individuals and small businesses depend will be less likely to fail, in turn increasing the security of your deposits.
For Flagstone customers there will be minimal noticeable change. We will offer deposit opportunities with non-ring-fenced banks, but you will be alerted to this fact should you chose to place a deposit with them.
Customers of large UK banks may experience logistical changes to sort codes and account numbers as a result of legal entity changes, but this will not impact Flagstone clients.
Eligible deposits that were protected by the Financial Services Compensation Scheme (FSCS) before ring-fencing will continue to be protected by the FSCS.
The Barclays Hub Account, used by clients of Flagstone as the transacting account on the platform, is part of the Barclays ring-fenced bank.