News for hackers. Stuff that matters.

A comment on Losses at Revolut more than triple to £106m. Parent comment

Re:Losses at Revolut more than triple to £106m by jamesfmilne on Tuesday August 11, 2020 @12:48PM (#24122450)
https://www.fscs.org.uk/what-we-cover/banks-building-societi...

You are protected up to £85k per bank.

[ Parent | on HN ]
Re:Losses at Revolut more than triple to £106m by smnrchrds on Tuesday August 11, 2020 @12:58PM (#24122600)
Their "Protection Checker" has this to say about Revolut:

Revolut Ltd (FRN:900562)

...

None of your money is protected by FSCS

https://www.fscs.org.uk/check-your-money-is-protected/

[ Parent | on HN ]
Re:Losses at Revolut more than triple to £106m by jamesfmilne on Tuesday August 11, 2020 @02:39PM (#24124097)
Eek, I stand corrected! I had wrongly assumed that a company with a banking licence in the UK was covered by FSCS.

And of course, on further inspection, Revolut does _not_ have a UK banking licence.

I had wrongly assumed this, given they were advertising their banking services on the London Underground for months (back when I was taking the tube to work).

https://www.bbc.co.uk/news/business-47168860

https://www.thetimes.co.uk/article/nikolay-storonskys-revolu....

[ Parent | on HN ]
Re:Losses at Revolut more than triple to £106m by ccjnsn on Tuesday August 11, 2020 @12:55PM (#24122547)
This is incorrect see:

https://www.fscs.org.uk/check-your-money-is-protected/

Type in revolut.

The money is ring fenced usually in a too big to fail bank.

Edit:

Though they have a banking licence in Lithuania and may be insured there?

[ Parent | on HN ]