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The Financial Times reported on Oct. 27 that the Bank of England’s Prudential Regulation Authority ordered a section 166 review of Revolut’s product approval process earlier this year. The reported review examines whether the company’s systems and controls can manage risks as it expands; Revolut and the Bank of England declined to comment to PYMNTS.
The Bank of England’s Prudential Regulation Authority has reportedly ordered an independent review of Revolut’s product approval process, raising questions about whether its controls can keep pace with rapid growth and frequent launches. The Financial Times reported on Oct. 27 that the regulator issued a section 166 notice earlier this year, around the time Revolut received its full UK banking licence in March; neither Revolut nor the Bank of England commented to PYMNTS.
The Financial Times report, which cited people familiar with the matter, said the review is intended to test the strength of Revolut’s internal systems and controls and examine risks associated with the speed of its product launches. A section 166 process requires a firm to appoint external advisers to assess areas of concern. Such reviews commonly involve accountants and lawyers, who can recommend changes if they identify weaknesses.
The report did not establish that the review has found failures or that the PRA has taken enforcement action. If deficiencies were identified, a company could face penalties or other regulatory measures, but no findings or sanctions were reported in the source material. PYMNTS said both Revolut and the Bank of England declined to comment when approached.
The report emerged a day after Revolut introduced its first credit product since becoming a licensed UK bank. The unsecured personal loans allow customers to borrow £2,000 to £25,000, repayable over one to five years. The launch is relevant to the scrutiny because lending adds another product area requiring sound approval, risk and compliance processes; the source does not say the PRA review was prompted by these loans.
Scrutiny as Revolut Expands Lending
The reported review puts the focus on how a fast-growing financial firm governs decisions before products reach customers. Product approvals can involve assessing operational, legal, compliance and customer risks. For a bank, weaknesses in those controls may have consequences beyond an individual launch, particularly as the company adds services and serves more users.
Revolut’s new loans make the issue timely for UK customers. The product offers borrowing within an app that also provides payments and other financial services, but the reported review is not evidence that the loans are unsafe or that regulators have restricted them. The immediate public-interest question is whether the company’s approval and oversight arrangements are adequate as its UK banking business grows.
The matter also illustrates the distinction between regulatory scrutiny and a regulatory finding. A section 166 review is an examination, not by itself a published conclusion that a firm has breached rules. No outcome has been disclosed in the reporting provided.
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Earlier Concerns Over Product Controls
Revolut has built a customer base of more than 80 million in a little over a decade and was valued at $115 billion, according to the Financial Times report cited by PYMNTS. Its business includes card payments, subscription services and cryptocurrency trading. That range and pace of expansion form the backdrop to regulatory attention, but do not by themselves establish that its controls are inadequate.
The reported UK review follows earlier scrutiny in Europe. Last year, the European Central Bank imposed growth restrictions on Revolut after identifying what it described as “deficiencies” in the company’s process for approving new products. The ECB also required a third-party review of risk, compliance and legal functions connected to product launches in Europe. Those actions are separate from the PRA’s reported section 166 review.
The Financial Times had also reported last year that the Bank of England delayed granting Revolut a licence amid concerns about whether its risk controls could match its expansion into new markets. Revolut received its full UK banking licence in March 2026, according to the report. The sequence provides context, but the source does not say the earlier European findings are the same issues being assessed by the UK review.
“We’ve built a transparent and simple loan process with near-instant funds on approval, no fee for early repayment and competitive rates.”
— Revolut UK CEO Francesca Carlesi, in a company news release
Review Findings Remain Undisclosed
The available reporting does not identify the external advisers, the precise controls under examination, the review’s timetable or whether any shortcomings have been found. It also does not say whether the PRA has requested changes or imposed restrictions. The regulator and Revolut declined to comment to PYMNTS, leaving the account dependent on sources cited by the Financial Times.
It is also unclear whether the UK review covers particular products, the company’s overall approval framework, or both. The source does not link the review directly to Revolut’s new personal loans, and the product’s launch does not establish that regulators approved or objected to it. Any claims about the review’s eventual findings or consequences remain unconfirmed.
Awaiting the Review’s Outcome
The next substantive development would be a disclosed outcome from the review or a statement from Revolut or the PRA. External advisers may recommend changes if they identify weaknesses, but the reporting does not give a deadline or say whether their assessment will be made public. Readers should distinguish any future recommendations from formal enforcement action, which has not been reported.
For now, Revolut’s UK personal loans are the clearest immediate product development, while the reported section 166 review concerns the company’s controls more broadly. Further details on the scope, findings and any regulatory response will be needed to determine whether the scrutiny leads to changes in how Revolut approves products.
Key Questions
What is the PRA reportedly reviewing?
The Financial Times reported that the PRA ordered an independent examination of Revolut’s product approval process and related internal systems and controls.
What does a section 166 review involve?
According to the report, a firm must appoint external advisers to examine specified systems or risks. Advisers may recommend improvements; the order alone does not mean the review has found a breach.
Has the review found problems or led to penalties?
No findings or penalties were reported in the source material. The review’s outcome and any regulatory action remain unknown.
Is the review about Revolut’s new personal loans?
The source does not say that the review was prompted by, or specifically covers, the loans. Revolut announced the unsecured UK lending product one day before the report appeared.
What did Revolut and the Bank of England say?
PYMNTS reported that both Revolut and the Bank of England declined to comment when contacted.
Source: pymnts.com
