Its licence, which does come with some restrictions, means it it can now offer new products, and also offers extra protection to customers.How long has it waited for a UK licence?
But it has been waiting for approval in the UK since it first filed an application to the Prudential Regulation Authority – the financial services regulatory body – in 2021. But Revolut will not actually be able to do this just yet, as the licence comes with restrictions, meaning it will not yet be able to launch new products in the market.
Until now however, because Revolut was not a bank, deposits were not protected by FSCS. They were instead protected by something called ‘safeguarding’
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