Overview

• On July 29, Governor Andrew Bailey formally vetoed a Treasury-organised summit between Chancellor Rachel Reeves, Revolut and the PRA to push the fintech’s full UK banking licence forward.
• Bailey argued the proposed meeting risked political interference in the Bank’s regulatory process and stressed that safeguarding financial stability overrides government growth priorities.
• Since receiving provisional approval in July 2024, Revolut has operated under a restricted licence limiting customer deposits to £50,000 and barring it from issuing its own loans.
• Reeves unveiled her Leeds reforms earlier this month to loosen mortgage caps, revisit ring-fencing rules and boost retail investment as part of her deregulation and growth agenda.
• Facing continued licence delays, Revolut is exploring alternative strategies for expansion, including potential overseas listings and US banking acquisitions.