In practice there's the same effect (the first £X of an individual's credit balance will be refunded by the government if the bank fails, I think it's currently a hundred grand or something and in practice so far the government always pays everybody their full balance) but the mechanism is different.

Rather than an insurance fund the law just says if you're a bank and you didn't fail you're now on the hook to pay back the government. This is called "Last Man Standing". One intended benefit over FDIC is that there's an incentive to rat on a competitor taking undue risks, because if they fail you're eating that cost.

In the UK current account deposits are insured up to £85k.

Northern Rock went pop ~8 years ago and the public did not lose money - the government did though.

Makes one wonder what's the procedure and how long it takes to get the money back.

Either way, it can't be a good experience to be stranded with no card, no bank account, and the bit of money you had all frozen indefinitely.

In the UK:

Monzo - yes;

Revolut - no