Barclays warns of ‘web blackouts’ until 2018
Written by Chris Lemmon
Barclays customers have been told that they will experience web blackouts on their online and telephone banking services for one weekend each month until January 2018, as the bank prepares to separate its wholesale and retail banking businesses to comply with new ring-fencing regulations.
In a message to customers, the bank said that customers will be unable to check their balance, move money online, or access money transfer app PingIt between 11:30pm on Saturday 19 August until 3:30pm Sunday 20 August. The move will also see 800,000 new sort codes issued to customers.
Barclays are required to separate its wholesale and retail banking operations after the government brought in regulations to avoid another financial crisis where everyday customers are separate from riskier investment arms. The biggest UK banks must implement new ring-fencing changes by 1 January 2019.
In a statement the bank said: “We know this may cause disruption and we're sorry for any inconvenience.”