Banks issue new sort codes in ringfencing of high street operations

Barclays begins process of moving up to 900,000 accounts to comply with Vickers rules, which aim to avoid taxpayer bailouts

Barclays has started the process of moving up to 900,000 accounts to alternative six-digit sort codes as it prepares for the implementation of regulations intended to avoid taxpayer bailouts.

The changes to sort codes began over the past month as Barclays rejigs its business ahead of the introduction of rules that require banks to ringfence their high street operations from riskier activities. The rules, which come into force at the start of 2019, are named after Sir John Vickers, who recommended this course of action in 2011 after the financial crisis.