Bank of England Orders Review of Revolut's Product Approval Process

Citing people familiar with the matter, media reports say the Prudential Regulation Authority, the Bank of England's prudential regulator, earlier this year issued a Section 166 directive to examine the risks arising from Revolut's rapid rollout of new financial products. The directive was issued roughly around the time Revolut received its full banking licence in March. Revolut and the Bank of England both declined to comment.