One of the main advantages of a banking licence was supposed to be having the funds covered by a deposit insurance.
As far as I understood, though, despite the licence available now funds are not yet covered by any such insurance.
Is there yet a realistic (please no “as soon as possible” response) date know when that will be most likely in place? Will that be from early 2019 (Jan-Feb), later (Mar-Jul), or rather towards the end of the year (Aug-Dec) or even later (2020+)?
For the meantime and on a related note, what are the procedures when Revolut’s backing bank goes belly-up? Am I right to assume customers will lose their funds?