Thousands locked out of accounts

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Wirecard collapse

German fintech Wirecard collapsed on Friday, leaving thousands of people without access to their money. Many UK companies including Pockit, FairFX, and ANNA, relied on Wirecard technology to provide their accounts. The money is protected, so they’ll get it back, but no one knows when.

What happened? Wirecard had its licence revoked by the Financial Conduct Authority. The company had filed for insolvency after admitting to £3 billion going missing from its balance sheets. Its auditors, including EY, are now under fire for failing to find the fraud for three years.

Adviser comment: "We recommend only using accounts that are covered by the Financial Services Compensation Scheme (FSCS) or directly by the Bank of England. The key message for those affected by the Wirecard issue is that, although access will be a problem, your money is protected."

£1 billion for schools

Prime Minister Boris Johnson has set out a 10-year programme to rebuild schools, complete with £1 billion of funding. Tomorrow, in a speech about economic recovery plans, he’s expected to announce further funding for the infrastructure pledges that got him elected in December.

Build back better

Just 6% of people want to go back to the way things were before the pandemic, according to a new Yougov poll. 31% want to see big changes in how the economy is run, and another 28% think there should be moderate changes. The findings add weight to calls of 300 leaders from the likes of charities and trade unions for the UK to "build back better".

More money for the climate

The UK needs to spend an extra £14 billion a year on fighting climate change. Thinktank the Green Alliance says clean transport, nature restoration, and low-carbon buildings all need more cash if the UK is to meet its commitments to bring down emissions.