The Bank of England has ordered Revolut to have its new financial product approval processes assessed by external experts under a Section 166 order. The review will determine whether the bank broke any laws after chief executive Nik Storonsky described employees as “self-guided missiles” with little oversight. Revolut is currently launching personal loans of £2,000 to £25,000 and plans to enter the mortgage and credit card markets. In 2025, the European Central Bank temporarily restricted the European branch’s ability to launch new products, while the group was fined €11.5 million in Italy in 2026.
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