Bank of England orders a review of Revolut's product approval processes, FT reports

The Bank of England's Prudential Regulation Authority has ordered a review of how Revolut approves new products, the Financial Times reported on 27 October, citing people familiar with the matter. The order is a section 166, which requires a firm to appoint outside advisers, typically accountants and lawyers, to examine its systems and controls and suggest improvements. Penalties or enforcement could follow if failures are found.

The FT said the order was made earlier this year, around the time Revolut won its full UK banking licence in March. Revolut began offering unsecured personal loans in the UK on 26 October.

Revolut has more than 80 million customers and a reported valuation of $115 billion. Last year the European Central Bank restricted its product launches in Europe over deficiencies in the approval process. The Bank of England and Revolut declined to comment, and Reuters said it could not independently verify the report.