Revolut—Revolut's full UK banking license delayed beyond 14 months over Bank of England concerns about risk controls and AML compliance
Revolut's full UK banking license, conditionally granted in July 2024, was delayed well beyond the typical 12-month mobilization period. The PRA and FCA expressed concerns about risk management systems, anti-money laundering controls, and cross-border payments compliance across Revolut's 40 markets. UK customers remain without FSCS deposit protection (limited to £50,000 holdings). Co-founder Nik Storonsky admitted it was 'a mistake' to prioritize growth over licensing. Revolut also topped UK fraud complaint rankings for the second consecutive year.
Scoring Impact
| Topic | Direction | Relevance | Contribution |
|---|---|---|---|
| Consumer Protection | -against | primary | -1.00 |
| Corporate Governance | -against | secondary | -0.50 |
| Overall incident score = | -0.322 | ||
Score = avg(topic contributions) × significance (high ×1.5) × confidence (0.57)× agency (negligent ×0.5)
Evidence (1 signal)
PRA delayed Revolut's full UK banking license beyond 14 months over risk management and AML concerns
The PRA and FCA delayed Revolut's full UK banking license well beyond the typical 12-month mobilization period, citing concerns about risk management systems, AML controls, and cross-border payments compliance. UK customers remain without FSCS deposit protection. Co-founder Storonsky acknowledged it was 'a mistake' to prioritize growth over licensing. Revolut topped UK fraud complaint rankings for the second consecutive year despite generating $1B profit in 2024.