Hi Everyone!
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?
Hey Revofan
In the terms there is a section explaining how the funds are hold revolut.com/terms in text references the following legislation
http://www.legislation.gov.uk/uksi/2011/99/part/3/crossheading/safeguarding/made
My understanding from other threads and answers by @anon71086934 and @anon33247966 is that if Revolut becomes insolvent we can make a claim against that safeguarded account and be able to retrieve our funds. Revolut is not allowed access to that account or to use it in any ways even under insolvency. The segregated account can’t “go down” or “disappear”.
If Revolut really wanted to i guess they could steal all your money just like any bank in the world. Just look at what happened in the USA when the market crashed.
Personally i am not that afraid of this happening. And even less when they get their banking license. When they do that each account is secured by the EU banking institution up to 100.000EUR.
Hope this helped a bit 
Unfortunately @anon71086934 hasnt addressed my question at Too late to get a card?/is revolut protected? - #23 by anon71086934 so far but I wonder whether the funds are not already supposed to be secured up to GBP 85000 at this point - without banking licence but with the money kept at Lloyds. But technically Revolut customers are not Lloyd customers and Revolut does not have a banking licence yet - from that we could deduce funds are currently generally unsecured.
The most reasonable explanation I heard so far was that, long story-short, money is protected from Revolut per se going down, but is not protected from customer’s standpoint by FSCS, as technically the money “belongs” to Revolut.
On the other hand, what Revolut claims in FAQ is just the opposite; mentioning FSCS protection related to banks where the money is kept.
They are not secured by the EU protecting scheme. The account where the money are in (the segregated) is secured for 100.000eur but that doesn’t make a difference when multiple peoples money is kept there.
As i understand it Revolut does not have access to the segregated accounts and they can’t use it, transfer it etc. Which is what makes it secure.
Alright, so it is protected up to 85,000 pounds but not per Revolut customer but per Lloyd customer, which in turn is one, Revolut :), do the math 
Did I get this right?
Secure against blatant misuse by Revolut but not if a major failure takes place.
Bottom line, bring in that banking licence, boys 
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