Online bank Revolut is being forced to investigate its own internal systems after the Bank of England (BoE) ordered a review of its product approval processes.
That’s according to The Financial Times, which reports that the BoE’s Prudential Regulation Authority issued a Section 166 order that requires Revolut to hire experts to assess how robust its practices are.
The firm has reportedly been acting fast and loose when it comes to developing new products, with CEO Nik Storonsky describing employees as “self-guided missiles” with little oversight in product development.
As such, the review will focus on Revolut’s approach to new financial products and assess whether or not it broke any laws.
The BoE filed the review around Spring while Revolut was granted a banking licence in March.
Some of the bank’s newest products include personal loans ranging between £2,000 ($2,600) and £25,000 ($33,000), and it also plans to enter the mortgage and credit card market.
In 2025, the European Central Bank temporarily restricted the ability of Revolut’s European branch to release new products due in part to concerns over the speed of its product approval rate.
This year, Revolut was fined €11.5 million ($12.8 million) in Italy for spreading misleading information about its investment products and using aggressive and misleading methods.
The bank also suffered several customer data breaches in September after its third-party US broker, DriveWealth, suffered a social engineering attack.
It was also temporarily shuttered after a power outage impacted Google Cloud and halted many of its services.
Source link
