UK News

Revolut executive quits amid battle for UK banking licence

Final month, Mr Storonsky hit out on the FCA over what he considered its gradual procedures for processing purposes, saying it was “slower in comparison with expectations”.

He added that it is likely to be helpful for the regulator to make use of “extra environment friendly folks”, have “stricter timelines” and clearer efficiency indicators.

The watchdog has considerations round features of Revolut’s controls, tradition and whether or not it has an applicable variety of workers to adjust to “know your buyer” checks and ongoing transaction monitoring, The Telegraph understands.

The FCA declined to remark. A spokesperson for Revolut stated: “We don’t talk about ongoing license purposes.”

Whereas Ms Halligan was accountable for overseeing regulatory relations and licenses on the most senior stage of the enterprise, Revolut additionally has specialist groups that target each areas, a supply near the corporate stated.

Ms Halligan is leaving for a chief working officer function at an organization in her native Eire.

The resignation is the newest in a collection of senior departures at Revolut, which was valued at $33bn (£27.6bn) after its newest funding spherical final 12 months.

In Might, The Telegraph additionally revealed that Harry Gill, Revolut’s international head of regulatory compliance and a member of its government management workforce, resigned following a restructuring of the corporate’s threat division.

Revolut’s head of operational threat and head of UK compliance have additionally left in current months.

It comes as challenger banks face growing regulatory stress to tighten controls round monetary crime and cash laundering over fears they’re chopping corners so prospects can shortly arrange accounts.

Revolut secured a challenger financial institution license from the European Central Financial institution in 2018, facilitated by the Financial institution of Lithuania, which permits it to simply accept deposits and provide shopper credit score.

A Revolut spokesperson stated: “It’s important that we proceed to boost the bar in terms of hiring and retaining one of the best expertise. As a rising enterprise, now we have a task to play in eradicating limitations that ladies face and we’re concentrating on 30pc of senior management roles stuffed by girls by 2025.

“Like different tech and monetary companies corporations, now we have a solution to go to make sure that girls are supplied with truthful and equitable alternatives right here at Revolut.”

Ms Halligan was contacted for remark.


Related Articles

Leave a Reply

Your email address will not be published.

Back to top button