I would need to look into this again, but I am not sure this is actually true. Something like the underlying account(s) used by the FinTech are secured in this

I would need to look into this again, but I am not sure this is actually true. Something like the underlying account(s) used by the FinTech are secured in this way, but your account with the FinTech is not. This is why Revolut for example have accounts which are something like "vaults", which are in fact accounts which are covered, because they are actual accounts, one per person, with a normal bank. That sounds incredible, it needs to be checked, about to leave the house so can't right now.