Bank of England orders review of Revolut’s product approval processes
8 Articles
8 Articles
The Bank of England has ordered a review of Revolut's product approval processes as the fintech firm takes advantage of its newly acquired British banking license to enter new areas, including the personal loan market, the Financial Times reported.
The UK central bank may examine the financial service provider's internal audit and product approval processes. In the past, the ECB has also identified shortcomings.
The U.K.C. conducts a review of Revolut, risk concerns, product launch culture, improvement recommendations, fines, and restrictions.
The central bank issued a section 166 order this year to analyze the risks associated with the rapid launch of new financial products. Read
Revolut customers have reported several disruptions to its banking service in recent weeks. Users have been unable to access their bank accounts, make transfers or withdraw money from ATMs. The problems were temporary and resolved, but they were a major inconvenience. An expert reports that the UK banking regulator may have launched an investigation into Revolut’s financial product approval processes to explore the risks associated with the rapi…
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