Brits given urgent ‘back up bank’ warning

FCA chief Nikhil Rathi has urged people to consider keeping accounts with more than one bank so they can still access their money if a provider suffers a cyberattack or IT failure. His comments follow a Google Cloud outage that disrupted payments, transfers and cash withdrawals at Revolut, highlighting how problems at a single provider can affect customers.

Rathi also called on the public to protect passwords and access to personal data. Research by Kroo Bank found that 47% of adults aged 25 to 64 have one current account, while 49% have multiple accounts. Multiple accounts were more common among 25 to 34-year-olds, at 58%, than among people aged 55 to 64, at 37%.