The Bank of England's Prudential Regulation Authority (PRA) ordered a review of Revolut's product approval processes earlier this year, the Financial Times reported on Tuesday 27 October 2026.

According to people familiar with the matter cited by the FT, the PRA issued a section 166 order around the time Revolut obtained its full UK banking licence in March. The review is said to focus on the risks surrounding the speed of Revolut's product launches and on the strength of its internal systems and controls. Both Revolut and the Bank of England declined to comment when approached about the reports.

What a section 166 review means

A section 166 order, also known as a skilled-person review, requires a regulated firm to appoint expert advisers, typically accountants and lawyers, to examine its systems and controls and report back with recommendations. It is an evidence-gathering tool, not a penalty in itself. Enforcement action can follow only if the review uncovers compliance failures.

Why the timing matters

The reported review comes as Revolut expands rapidly into new areas. On Monday, the firm announced unsecured personal loans of £2,000 to £25,000 in the UK, and a partnership with Carne for private technology investing. Its business already spans cryptocurrency trading, subscription services and card payments.

The FT also notes that the European Central Bank imposed growth restrictions on Revolut last year after finding deficiencies in its product approval process in Europe, and ordered a third-party review there. Nothing in the reports establishes that the PRA has found a breach, imposed a product restriction, or put Revolut's licence at risk.

Sources: PYMNTS and FStech, both reporting the Financial Times.