The Bank of England (BoE) ordered a review of neobank Revolut’s product approval processes earlier in the year, aiming to examine the risks of its rapid launches of new financial products, according to the Financial Times.

Citing people familiar with the matter, the paper reported that the BoE’s subsidiary regulator, the Prudential Regulation Authority (PRA), issued what is known as a section 166 order against the bank in March.

The FT added that the issuance, which came around the same time that Revolut received its full UK banking licence, was made with the intention of better understanding the robustness of its internal systems.

A section 166 order requires a regulated firm to appoint expert advisors to examine its internal systems and controls, usually involving an investigation by a firm of lawyers or accountants, the paper reported. The investigators then produce a report with recommendations for any improvements needed.

If the investigation discovers compliance failures, the PRA can use its powers to take enforcement action on breaches.

Revolut, now Europe’s most valuable startup, has grown rapidly over the past decade, with pre-tax profit growing 57 per cent last year. It attributes part of its success to its ‘new bets’ programme, an internal initiative that allows small teams of employees to develop new products semi-autonomously.

This strategy has allowed it to develop a wide range of offerings, with Revolut currently operating a diversified portfolio of 11 different products reporting more than £100 million in revenue in 2025.

However, it has also led to clashes with regulators. In 2025, the European Central Bank temporarily curbed Revolut’s ability to launch new products in the bloc after identifying shortcomings in the digital bank’s approval processes.

The same year, the BoE delayed awarding a banking licence to Revolut in the UK over concerns around whether its risk controls could keep pace with its rapid overseas growth, according to the FT.

Revolut declined to comment on the report.

The news comes the same week as the bank began offering personal unsecured personal loans in the UK, a major expansion of its finance offerings in the country.

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