Bank of England orders review of Revolut’s product approval processes

Revolut: Revolut is a London-based digital financial services company providing banking, payments, crypto trading, and subscription products across multiple markets. It secured its full UK banking licence in March 2026 and has since begun rolling out personal loans while pursuing broader expansion. The regulatory review focuses on the robustness of its internal systems for rapid product launches. Bank of England: The Bank of England is the United Kingdom's central bank responsible for monetary policy, financial stability, and prudential regulation through its Prudential Regulation Authority arm. It recently issued a section 166 order directing an independent review of Revolut’s product approval processes to examine internal controls amid the fintech’s post-licensing growth. This fits its mandate to oversee risks in newly authorized banks expanding into lending and other products. Product Expansion: Revolut has launched unsecured personal loans in the UK as part of its strategy to deepen customer relationships following its full banking licence approval. Regulatory Scrutiny: Fintech firms obtaining UK banking licences encounter ongoing regulatory reviews to ensure sound internal processes before scaling into higher-risk activities like lending. Regulatory Oversight: The Prudential Regulation Authority uses section 166 orders to require independent assessments of potential risks in financial institutions' controls and governance.