The Bank of England's Prudential Regulation Authority (PRA) ordered a review of how Revolut approves new financial products earlier in 2026, the Financial Times reported on 27 October. The order, known as a section 166 or skilled-person review, was said to have been issued around the time Revolut received its full UK banking licence in March.

Under a section 166 order, a regulated firm must appoint outside experts, usually accountants or lawyers, to examine its systems and controls and report back with recommendations. The review is an evidence-gathering exercise: it is not itself a finding of wrongdoing, and enforcement action would only follow if failures were identified.

Rapid launches under the spotlight

According to the report, the review focuses on the risks linked to the speed at which Revolut launches new products and on the strength of its internal controls. Revolut has grown to more than 80 million customers in a little over a decade and is valued at $115 billion, with a business spanning card payments, subscriptions and cryptocurrency trading.

The scrutiny follows action in Europe, where the European Central Bank imposed growth restrictions on Revolut last year after identifying shortcomings in its product approval processes and ordered a third-party review of its risk, compliance and legal functions.

The timing is sensitive for Revolut, which announced unsecured personal loans of £2,000 to £25,000 in the UK on 26 October and a partnership with asset manager Carne for private technology investing. Both Revolut and the Bank of England declined to comment on the reported review.

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