Management Information Sheet

Schools that currently bank with Barclays through Norfolk County Council's corporate banking arrangement may have noticed that the bank sort code was changed on 8 October. This is due to bank ring fencing: ring-fencing of essential retail banking services is one of the reforms brought in by the UK government, aiming to strengthen the UK financial system following the financial crisis that began in 2008. Ring-fencing legislation requires each of the larger UK high street banks, including Barclays, to separate certain retail and smaller corporate banking activity and products, like savings accounts, current accounts and payments from more complex, wholesale and investment banking activity and from certain activities outside of the European Economic Area. The separation has to be completed by 1 January 2019. Please be aware that this will not have any adverse effect on transactions that have been previously paid out/in to the account to date.

Schools should advise all customers/suppliers/parents that the sort code has changed if monies are paid directly into the schools account i.e. by BACS or bank transfer. There is no need to inform Norfolk County Council as this has been changed corporately. Inform all suppliers where third party collection services, such as ParentPay, are used.

You may continue to use your existing cheque/paying-in books but pre-printed cheques and stationary (i.e. with the schools logo on) must be amended when re-ordering. Barclays will issue your school with the new revised stationery when the existing supply has been used up.

For a limited time all income and receipts banked using the old sort code will be redirected to the new account.

The revised Sort Code is 20-62-61.

Please ensure the banking detail is updated within the banking details of star accounts and ensure the Finance Policy section is changed to include this amendment.