Revolut—Bank of England ordered independent 'skilled person' review of Revolut's product approval controls
The Bank of England's Prudential Regulation Authority ordered a Section 166 skilled-person review of Revolut's internal controls for approving new products, following similar concerns previously raised by the European Central Bank, which had restricted Revolut's growth in 2025 over deficiencies in its new-product approval process. The order lands as Revolut, newly granted its full UK banking licence, pushes into unsecured personal loans and private-market investment products. CEO Nik Storonsky has urged staff to operate like 'self-guided missiles' with limited oversight when building new products.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | secondary | -0.50 |
| Corporate Governance | -against | primary | -1.00 |
| Overall incident score = | -0.483 | ||
Score = avg(topic contributions) × significance (medium ×1) × confidence (0.64)
Evidence (2 signals)
Sifted: Revolut faces Bank of England scrutiny over product approval process
Sifted reported that the Bank of England's review follows prior growth restrictions imposed on Revolut by the European Central Bank in 2025 over deficiencies in its new-product approval processes, and noted the company's 'self-guided missiles' internal culture around product development.
FT: Bank of England orders review of Revolut's product approval processes
The Financial Times reported that the Bank of England's PRA ordered a Section 166 skilled-person review of Revolut's product approval controls, following concerns about whether risk controls could keep pace with the firm's overseas growth.