Fintech company Revolut was finally granted a full UK banking licence earlier this month. The app-based company has been used in the UK for years and has 13 million British customers…
The length of time it took to get the regulatory approval has been cited as another example of the UK’s sclerotic processes – it is more than four years since Revolut first applied for a licence. The Bank of England’s Prudential Regulation Authority repeatedly extended Revolut’s approval timelines…
Reform’s Richard Tice is among the politicians who have called the process “absurd”. Another take is available in the FT this morning, where the influential Lex column urges Revolut to “move slowly” with its ambitions to become a full bank in Britain, even though it has just been granted a licence. With regulators and a financial media like that, it’s a miracle the approval didn’t take a decade…
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