A brief question.
If the funds that we hold with Tide are not under the clearbank umbrella and solely through the prepaid account service, what protection do we have on our deposits, for example were a fraud to happen akin to that of the wirecard scandal.
Simply put, if the funds in our prepaid accounts, were missapropriated by the company holding them, do we have any legal protection on the funds? By legal protection meaning something similar to the FSCS £85,000 guarantee.
I am aware that funds in the pre-paid accounts are held separately. However the same was said with wirecard. So is there a protection on these funds at all?