- The Bank of England has ordered Revolut to undergo a Section 166 review of its product approval processes, forcing the online bank to hire external experts to assess its practices.
- Revolut CEO Nik Storonsky described employees as “self-guided missiles” with little oversight, prompting concerns over the speed and robustness of new product development.
- The bank—which secured a UK banking licence in March—has recently launched personal loans and plans to enter mortgage and credit card markets, amid past fines and data breaches.
The Bank of England’s Prudential Regulation Authority has ordered Revolut to investigate its own internal systems after issuing a Section 166 order that requires the online bank to hire experts to assess how robust its product approval processes are. The order, reported by The Financial Times, focuses on whether Revolut broke any laws in its approach to new financial products.
Consequently, the review arrives just months after the bank was granted a UK banking licence in March and while it rolls out new offerings. According to Reuters, Revolut is launching personal loans ranging between £2,000 ($2,600) and £25,000 ($33,000) and plans to enter the mortgage and credit card market. CEO Nik Storonsky had previously described employees as “self-guided missiles,” signaling little oversight in product development.
Meanwhile, this is not the first regulatory pushback Revolut has faced. In 2025, the European Central Bank temporarily restricted its European branch’s ability to release new products due to concerns over the speed of its product approval rate, Europe“>the Irish Times reported. Additionally, Revolut was fined €11.5 million ($12.8 million) in Italy for spreading misleading information about its investment products and using aggressive methods, per The Financial Times.
The bank also suffered customer data breaches in September after a third-party US broker experienced a social engineering attack. A power outage that impacted Google Cloud temporarily halted many of its services.
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