BoE orders review of Revolut's product approval processes

The Bank of England's Prudential Regulation Authority issued a Section 166 order mandating that Revolut engage external experts to evaluate the strength of its operational procedures, according to The Financial Times. This requirement forces the online banking entity, Revolut, to examine its internal systems following the directive from the BoE. The review will specifically look into how Revolut handles the introduction of novel financial offerings and determine if any legal transgressions occurred.

Reports indicate that the company has been developing new offerings in a manner described as hasty and unrestrained; CEO Nik Storonsky characterized staff as "self-guided missiles" lacking sufficient supervision during product creation. The BoE initiated this review sometime during the Spring, which followed the date Revolut secured its banking license in March.

Among the bank's more recent offerings are personal loans, which span from £2,000 ($2,600) up to £25,000 ($33,000), and the firm intends to expand into the mortgage and credit card sectors.

In 2025, the European Central Bank placed a temporary restriction on Revolut's European operations concerning the release of new products, partly due to worries regarding the swiftness of its product approval pace. Furthermore, this year, Revolut incurred a penalty of €11.5 million ($12.8 million) in Italy for employing aggressive and deceptive tactics and disseminating inaccurate details about its investment products.

The bank experienced several instances of customer data compromise in September, which stemmed from a social engineering attack affecting its third-party US broker, DriveWealth. Additionally, a power failure that affected Google Cloud temporarily caused the bank to cease operations, interrupting numerous of its services.