Ring fencing for UK banks
Jersey is a renowned International Finance Centre and is home to a number of well known high street banks. There are many banks in the island, including the top UK banks.
The ring fencing legislation requires UK banks to separate their retail banking activity from the rest of their business. This is to protect customers day to day banking services from unrelated risks elsewhere in the banking group. Ring fencing was one of several important reforms brought in by the UK government to strengthen the financial system following the financial crisis in 2007.
This has an impact on you if you have an account in the UK because the Jersey branch of that bank is unlikely to be able to access information about your UK accounts. You may find it easier to open a Jersey bank account instead.
Setting up an account
Opening an account locally makes managing your affairs easier. Jersey based bank accounts can only be set up in the island. To open a bank account you’ll need to provide personal information and documentation as part of the banks due diligence process.
You should expect to provide a range of original documentation. This includes information such as:
- proof of identity (passport or driving licence)
- proof of employment
- proof of Jersey address (if you don’t have this, a letter from your employer or tax office)
- tax assessments
- Social Security number / National Insurance
Almost everybody should be able to open a basic bank account. The bank may carry out extra credit checks to see if you have any outstanding judgements or have been made bankrupt. Anyone who has a record of fraud will be turned down.