Overview

• Bank of England officials have asked Revolut to commit to strengthening its risk management infrastructure before any move to full authorisation.
• The Prudential Regulation Authority is testing the fintech’s controls in the UK and overseas during an extended mobilisation that caps customer deposits at £50,000.
• Mobilisation typically runs 12 months, yet Revolut has exceeded 14 months, and the PRA says complex cases can be extended or even lose authorisation, noting Zopa’s 18‑month path.
• Revolut says it is progressing through the final mobilisation stages and calls the review appropriate for the scale of its application, which would enable lending and larger deposit taking once approved.
• Political attention has grown, with reports that Chancellor Rachel Reeves’ planned meeting with regulators was blocked by Bank of England Governor Andrew Bailey.