The Bank of England's Prudential Regulation Authority has ordered a review by an independent expert of how Revolut approves new products, according to the Financial Times. The review, known as a skilled person review, looks at whether the company's internal systems keep up with the fast pace at which it launches services such as personal loans and investments. It reportedly began earlier this year, around the time Revolut received its full UK banking licence. The experts will assess the controls and recommend improvements.

What it means: A skilled person review is a common tool for UK supervisors and does not by itself mean a breach has been found. It does show where supervision focuses when a fast-growing fintech becomes a bank: the speed of new product launches must come with risk assessment, suitability checks for customers and clear accountability in management. Revolut has just launched personal loans in the UK, a product where mistakes in creditworthiness assessment or customer information have a direct cost for consumers. The news matters for Europe too, because Revolut operates in the EU through its Lithuanian bank and serves millions of customers, including in Greece. European authorities, guided by EBA guidelines on internal governance and product approval, look at similar issues. For Greek payment institutions and fintechs planning to expand into new products, the message is practical: the product approval process must be documented, involve compliance and risk management from the start and be demonstrable to an auditor.

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