Home / Business and Economy / BoE Probes Revolut's Controls Amid Expansion
BoE Probes Revolut's Controls Amid Expansion
27 Oct
Summary
- Bank of England reviews Revolut's product approval processes.
- Review follows Revolut's acquisition of a UK banking licence.
- Scrutiny occurs as Revolut plans to offer personal loans.
The Bank of England has initiated a review into Revolut's product approval processes. This action scrutinizes the fintech firm's internal controls during a period of significant expansion for the company.
Sources indicate the review is linked to Revolut's recent acquisition of a UK banking licence. This regulatory oversight comes as Revolut prepares to enter new financial product areas.
Specifically, the fintech company is looking to begin offering personal loans to its customers. The Bank of England's probe into Revolut's internal procedures is a key focus.
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