Bank of England's PRA orders a skilled-person review of Revolut's product approval controls

The Financial Times reported, and FStech carried on 27 October 2026, that the Bank of England's Prudential Regulation Authority issued a section 166 order against Revolut in March 2026, around the time it granted the full UK banking licence. The order makes Revolut appoint outside experts to examine the systems and controls behind its rapid launches of new financial products and report with recommendations.

Revolut declined to comment and the Bank of England has not commented. The story rests on people familiar with the matter, not on a published regulatory notice.

Revolut is a licensed UK bank that also acquires for merchants through Revolut Business and Revolut Pay, so the pace at which it ships payment products is now under supervisory examination in its home market. The European Central Bank made the same demand of its EU product governance in 2025, which makes this the second regulator on two sides of the Channel questioning the same control, and a section 166 report can lead to enforcement if it finds failings.

Whether the skilled person's report leads to PRA enforcement or to product launch restrictions in the UK, and whether the 2025 ECB conditions on EU product launches are still in force.

• fstech.co.uk
• The Paypers, 27 October 2026