Revolut ordered to probe internal systems after BoE review demand

Online bank Revolut has been compelled to examine its own internal systems following a Bank of England (BoE) directive to scrutinise its product approval procedures.

According to The Financial Times, the BoE’s Prudential Regulation Authority issued a Section 166 order, requiring Revolut to bring in experts to evaluate how robust its current practices are.

The company has reportedly been acting quickly and loosely when introducing new products, with CEO Nik Storonsky describing employees as “self-guided missiles” who face little oversight in product development.

As a result, the review will centre on Revolut’s approach to new financial offerings and determine whether any laws were broken.

Revolut is starting to give out loans

The BoE filed the review around Spring, while Revolut received a banking licence in March.

Among the bank’s newest products are personal loans from £2,000 ($2,600) to £25,000 ($33,000), and it also intends to enter the mortgage and credit card markets.

Fines, data breaches, and power outages

In 2025, the European Central Bank temporarily restricted Revolut’s European arm from releasing new products, partly due to worries about the speed of its product approval rate.

This year, Revolut was fined €11.5 million ($12.8 million) in Italy for disseminating misleading information about its investment products and employing aggressive and deceptive tactics.

The bank also endured several customer data breaches in September after its third-party US broker, DriveWealth, was hit by a social engineering attack.

It was also temporarily shut down after a power outage affected Google Cloud, halting many of its services.