No, my bad.
The actual terms is if Revolut is to go into insolvency you’re able to claim your money from the ring-fence account in Lloyd’s.
It should also be protected in the event that Lloyd’s goes into insolvency, as far as I know, as these are kept separate from bank funds and can’t be claimed by creditors aside from yourself.
The whole point of ringfencing funds was to separate client and bank funds so we wouldn’t have to bail banks out like we did once before, to my understanding.
I’m relatively sure some form of regulating body would also ensure that banks are ring-fencing funds properly, as they would make sure they’re doing the rest of their jobs properly.
I would welcome someone to clarify this as well, I’ve basically been going off what some of the staff at these places have said.
Have you read the open letter? Within a week of that going out their customer support has become truly good. No point giving them flack for something they fixed when they said they’d fix it.