Add as a preferred source on GoogleBank of England Orders Revolut to Hire Outside Experts for Product Review
The review will assess Revolut’s product approval practices and whether the company broke any laws. The company has started offering personal loans and plans to enter mortgage and credit card markets.
The Bank of England has directed Revolut to hire outside specialists to review product approvals, assess how strong its controls are and examine whether the company broke any laws.
The Bank of England’s Prudential Regulation Authority (PRA) issued a Section 166 order. The review will focus on Revolut’s approach to approving new financial products.
Revolut has begun offering personal loans equivalent to $2,600 to $33,000. It also plans to enter the mortgage and credit card markets.
The Bank of England filed the review in the spring. Revolut received a banking license in March.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.