This brings up another potential issue for me. As I understand it, people need to be aware of 4 forms of protection/guarantee across the Spend and Save sections of the app.
- Segregated e-money requirements (Spend section)
- 85K FSCS proteciton (cash in Save section)
- Money held in trust to remove bond market risk (bonds in Save section)
- 50K FSCS protection for mis-selling of investment products or Dozen’s insolvency (bonds in Save section)
This is a pretty confusing situation.
But perhaps if/when Dozens become a bank everything in Spend and Save will be covered by 85K FSCS protection and 50K FSCS Investment protection will only apply to Invest section? That would align with how banks protect their spend (current accounts), save (savings accounts), and invest (investment products) ‘sections’ and would take away a lot of confusion, in my opinion.