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The Financial Times reported on Oct. 27 that the Bank of England’s Prudential Regulation Authority issued Revolut a section 166 review earlier this year, examining risks around the pace of its product launches and the strength of its internal systems. Revolut and the Bank of England declined to comment to PYMNTS, and the review’s findings and any possible regulatory action have not been disclosed.
The Bank of England’s Prudential Regulation Authority has reportedly ordered an independent review of Revolut’s product approval process, examining risks linked to the pace of the company’s launches and the strength of its internal controls. The Financial Times reported Tuesday, Oct. 27, citing people familiar with the matter, that the regulator issued a section 166 review earlier this year, around the time Revolut received its full UK banking licence in March. Revolut and the Bank of England declined to comment when approached by PYMNTS.
A section 166 review requires a company to appoint external advisers to examine its systems and controls, according to the PYMNTS report’s account of the FT reporting. The process commonly involves accountants and lawyers assessing a firm’s arrangements and recommending changes where needed. The published source does not identify the advisers or provide a timetable for their work.
The review is reported to focus on whether Revolut’s internal processes can manage the risks associated with introducing products quickly. The FT’s sources described the inquiry as a test of the strength of those systems. No findings have been made public, and the report does not say that the PRA has concluded Revolut breached rules or that it has imposed a penalty.
The report comes a day after Revolut announced its first credit product since becoming a licensed UK bank. Its unsecured personal loans are offered at amounts from £2,000 to £25,000, with repayment terms of one to five years. The timing links the scrutiny to a period of product expansion, but the available information does not establish that the new loans prompted the review or are themselves under investigation.
Scrutiny as Revolut Adds Lending
The review concerns a core control challenge for a fast-growing financial company: how to bring products to market while maintaining appropriate risk, legal and compliance checks. Its outcome could influence how Revolut manages approvals as it expands services in the UK, a market where it now operates as a licensed bank. For customers, the immediate report does not indicate a change to existing accounts or loan availability.
There may also be consequences for the company’s broader growth plans if advisers identify weaknesses and recommend changes. The report says failures uncovered by a section 166 review could expose a company to penalties or enforcement action, but it does not report that such failures have been found in Revolut’s case. Any possible effect on launch timetables or products remains unknown until the review’s findings or a regulatory response are made public.
The issue has relevance beyond one product launch because Revolut offers services spanning card payments, subscriptions and cryptocurrency trading, according to the FT reporting cited by PYMNTS. A review of approval controls can matter across a company’s product range, although the regulator’s precise scope has not been disclosed.
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Earlier Concerns Over Controls
Revolut has grown to more than 80 million customers and was valued at $115 billion, according to the FT figures included in the PYMNTS report. The company’s rapid expansion and range of services have drawn attention to how its risk and compliance functions keep pace with new products and markets.
The latest report follows earlier regulatory scrutiny in Europe. PYMNTS said the European Central Bank imposed growth restrictions on Revolut last year after identifying what it described as “deficiencies” in the company’s process for approving new products. The ECB also ordered a third-party review of the risk, compliance and legal functions governing launches in Europe. Those actions are separate from the PRA review reported this week; the source material does not say the two reviews share findings or outcomes.
The FT had also reported last year that the Bank of England delayed granting Revolut a licence amid concerns over whether its risk controls could keep up with expansion into new territories. Revolut received its full UK banking licence in March 2026, according to the supplied report. The new section 166 review was reportedly issued around that time, but the exact date and relationship between the licence decision and the review have not been confirmed.
“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 Private
The PRA and Revolut have not publicly confirmed the review in the material provided; both declined to comment to PYMNTS. The account of the section 166 order comes from the FT, which cited unnamed people familiar with the matter. The regulator has not published the review’s terms, its findings, the identity of the appointed advisers or the expected completion date.
It is also unclear whether the review has identified control failures, whether any recommendations have already been made, or whether regulators are considering enforcement. The report does not establish that Revolut’s new personal loans are within the review’s scope. Until the PRA or Revolut provides further information, the inquiry should be understood as reported regulatory scrutiny, not a public finding of misconduct.
Awaiting Regulatory Findings
The next substantive developments would be the completion of the independent assessment, any recommendations made to Revolut and a decision by the PRA on whether further supervisory steps are needed. No timetable or announcement date is included in the source material, so when those details may become public is unknown.
Revolut’s new UK loan offer is also a near-term point to watch as the company adds credit to its banking services. The company has described the product’s loan amounts, repayment periods and repayment features, but has not publicly linked it to the review. Any confirmed change to product availability or launch practices would need to come from Revolut or the regulator.
Key Questions
What is the PRA reportedly reviewing?
The Financial Times reported that the PRA ordered a section 166 review of Revolut’s product approval process, focusing on risks tied to the pace of launches and the strength of internal systems and controls.
Has the review found that Revolut broke rules?
No such finding has been reported. The review’s results have not been made public, and the available report does not say that the PRA has concluded Revolut breached regulations.
What does a section 166 review involve?
It requires a company to appoint external advisers to examine its systems and controls. The PYMNTS report says the process commonly involves accountants and lawyers, who may recommend improvements.
Is Revolut’s new personal loan product part of the review?
The report does not say. Revolut announced the loans one day before the FT report, but the timing alone does not establish that the product is within the review’s scope.
When will the review’s outcome be known?
No completion date or public reporting schedule has been disclosed in the supplied material. The PRA and Revolut declined to comment to PYMNTS.
Source: pymnts.com
