Sort code changes
What’s it all about?
The sort code changes are a result of something called ‘ring-fencing’. Ring-fencing has been developed by the UK Government to ensure that consumer banking services like the provision of loans, current accounts and overdrafts operate separately to the rest of their business - which includes more complex activities like trading in financial markets.
The UK Government are keen to make sure that if there is an event like the 2007 financial crisis, our UK banks are able to continue to offer consumer banking services so you’ll be able to get a mortgage, use your current account and pay off your credit card regardless of what is going on in the investment market.
Why are The Cambridge affected?
Because The Cambridge Building Society is a provider of Savings and Mortgage services it doesn’t have the same facilities a bank uses to clear funds. We use Barclays services to provide our clearing facility. This means when our customers transfer money to us, Barclays services clear the money into our accounts. The clearing facility provided by Barclays is classed as a business service which is why our sort code is changing.
How are customers affected?
The change only affects payments customers are making i.e payments into the Society, so if you make payments to your savings or mortgage accounts with The Cambridge you’ll need to change the sort code.
You might have payments like your pension, or a regular income going into your accounts from organisations or family members, or perhaps you make overpayments to your mortgage – if you have any type of payment going into your accounts with The Cambridge you’ll need to make sure the sort code has been updated.
The changes to sort codes have already started to happen and our new sort code is in operation now: 20-17-55. Our old sort code will continue to work or a period of time, but we’re urging all our customers transferring payments to us to make the change to the new sort code as soon as possible.
The FCA has warned that scammers could use the changes as an opportunity to hoodwink consumers to changing both the account number and sort code for their payments – diverting the payment to their own account.
The Cambridge is only changing its sort code. We will not ask you to change the account number for any payments you’re making into your accounts.
It’s very important to remember;
- never give out your personal information
- never give out your passwords or PINs
- be very wary of any calls that are ‘out of the blue’ from your bank
- do not click on any links in emails
There are some FAQs about the changes, just search ‘sort code’ in our help centre for more information.