The Prudential Regulation Authority (PRA), the prudential supervisor within the Bank of England, issued a section 166 order earlier in 2026 to examine the risks associated with the pace at which Revolut launches new financial products, the Financial Times reported, citing people familiar with the matter. According to the report, the order was made around the time Revolut secured a full UK banking licence in March 2026, with the aim of understanding the robustness of the group’s internal systems. Both Revolut and the Bank of England declined to comment.
The review comes as the UK-based fintech uses its licence to move into areas traditionally served by established banks. On 26 October 2026, Revolut announced plans to offer unsecured personal loans of between approximately GBP 2,000 and GBP 25,000. It also disclosed a partnership with asset management firm Carne that will allow customers to invest in private technology companies.
What a section 166 review involves
Also known as a skilled-person review, a section 166 order requires a regulated firm to appoint external experts to assess its systems and controls. The work is typically carried out by an accountancy or law firm and results in a report setting out recommendations for any improvements required.
Regulators use the process primarily to gather evidence. If failings are identified, they can impose penalties or take other enforcement action in relation to rule breaches.
The PRA’s focus on product approval follows similar concerns raised by other supervisors. In 2025, the European Central Bank (ECB) imposed growth restrictions on Revolut after identifying deficiencies in its new product approval processes. In addition, the ECB also required Revolut to commission a third-party review of the risk, compliance, and legal functions governing new product launches in Europe.
Separately, it was reported in 2025 that the Bank of England had delayed granting Revolut its licence over concerns about whether the company’s risk controls could keep pace with the growth of its overseas operations.
Revolut’s business model spans crypto trading, card payments, and subscription services. Company leadership has encouraged employees to develop new products with limited oversight, an approach that has supported the firm’s diversification but has also led to clashes with regulators. The PRA’s review now places that product development model under formal examination at the point where Revolut is extending into consumer lending and private market investment in its home market.
