UK PRA reportedly reviews Revolut’s approval process for new products

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The UK PRA has reportedly launched a section 166 review into Revolut’s approval process for new products to assess the systems and controls risks related to its rapid product launches. The procedure requires the company to appoint consultants to examine its systems and controls. If shortcomings are found, it could face penalties or enforcement action. One day before the news was published, Revolut launched its first credit product under its UK-licensed banking status, offering personal loans of 2,000 pounds to 25,000 pounds with terms of one to five years.