I’ve been doing some Googling in hope to prove to one of my friends who’s interested in starting his Revolut adventure that the money here is safeguarded / guaranteed under the UK law.
To my surprise- I wasn’t able to find any single-source, reliable confirmation of what the regulations and formal security measures in place really are. Even though we’ve had a couple of discussions here and there.
So here’s the formal situation. Revolut operates under E-Money license, the money is kept in UK banks and customers’ accounts are ‘ring-fenced’. This is what we know for sure for now.
So far, I don’t care what the situation is going to be when Lithuanian license is obtained.
So what does it all mean in real life?
Can someone provide a simple answer on what will happen if:
*** Revolut disappears / ceases its services for whatever reason.**
*** Any / all of the banks with ring fences accounts goes down.**
*** Revolut, hypothetically, wants to perform an active fraud and take customers’ money. Is it doable? ***
What’s guaranteed by law to customers in these situations and what should be the process they follow to get hold of their money?