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The clause specifies the operational framework for customer fund protection, designating safeguarding as the protective mechanism instead of FSCS insurance. This structure establishes the payment hierarchy and procedural pathway—insolvency practitioner administration and prioritized distribution from segregated client accounts—that governs fund recovery in an insolvency event.
Customers' funds operate under safeguarding protections rather than FSCS scheme coverage, meaning fund recovery follows the insolvency practitioner process and client account distribution hierarchy specified in safeguarding regulations. The terms establish that customer payouts are prioritized relative to other claims once insolvency-related costs are addressed.
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"The money in your Account isn't covered by the Financial Services Compensation Scheme (because it's safeguarded instead). Safeguarding helps protect you if we were to become insolvent. If that were to happen, you (and all our other customers) would be paid out your e-money balances from our client money bank accounts. This process would be handled by an insolvency practitioner, not by us. However, safeguarding regulations make sure that once any costs related to an insolvency are paid out you will be paid from our client money accounts before anyone else.— Excerpt from Revolut's Revolut Terms of Service
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The clause specifies the operational framework for customer fund protection, designating safeguarding as the protective mechanism instead of FSCS insurance. This structure establishes the payment hierarchy and procedural pathway—insolvency practitioner administration and prioritized distribution from segregated client accounts—that governs fund recovery in an insolvency event.
Customers' funds operate under safeguarding protections rather than FSCS scheme coverage, meaning fund recovery follows the insolvency practitioner process and client account distribution hierarchy specified in safeguarding regulations. The terms establish that customer payouts are prioritized relative to other claims once insolvency-related costs are addressed.
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