Bank of England Dismisses Rift Over Revolut License Delay

Bank of England Dismisses Rift Over Revolut License Delay

Bank of England Governor Andrew Bailey has refuted claims of tension between the central bank and the UK government regarding the delayed banking license for fintech firm Revolut.

The denial follows reports of a cancelled meeting involving Revolut and the BOE. Bailey asserted that relations with the Treasury remain strong and dismissed suggestions of a fallout with Finance Minister Rachel Reeves.

While unable to comment directly on Revolut's situation, Bailey noted that the Prudential Regulation Authority (PRA) is actively working with the company during its mobilization phase.

Revolut received a restricted banking license in July 2024, initiating a process that began in 2021, moving it into the "mobilization" phase where customer deposits are capped.

The delays have raised concerns within the UK tech sector, prompting discussions about the UK's competitive position.

Bailey affirmed the importance of financial stability alongside economic growth and indicated openness to regulatory adjustments to support the fintech sector.