After the global economic crisis, the UK Government put new rules in place to protect the economy and taxpayers in case something similar happens again. This involves:
- Separating retail banking operations from any wholesale and investment divisions
- Changing the way HSBC has been structured in the UK - creating a new ring-fenced bank, HSBC UK Bank plc (HSBC UK) making changes prior to 1 January 2019
To ensure HSBC meets the new banking rules, there has been a proposal to transfer personal customers and most business customers in the UK from HSBC Bank plc to HSBC UK. For the vast majority of HSBC customers there will be very little change including no changes to terms and conditions, other than changing the legal entity name for HSBC UK customers.