Revolut still to get the main credit license from UK regulators

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Revolut should still have green light to provide consumer loan services for the 11th anniversary of financial regulators in the UK $ 45 Billion Fintech To be an entirety of an English bank.

After applying for the British Prudential Regulatory Regulation Organ and Consumer Loan License and last year, this is still waiting for the powers of financial behavior after appealing to UK credit cards and other services.

The license of consumer loan is separate Revolut’s UK banking licenseprovided the last year with restrictions re-regulated. However, restrictions of deposits are allowed to adopt a total of £ 50,000 in the bank unit of the Revolut.

The credit application emphasizes that Revolut has still expected several regulation permits to be a full-fledged loan in the UK.

The company has already offers consumer credit services in several EU market, including credit cards and customers in Ireland, Poland and Lithuania. The UK plans to start similar services, but it is likely to be delayed after receiving the full banking license.

Some elements of the consumer loan license, this service would be useful for other products used to offer rapid approval related to mortgage loans in Lithuania, with plans to expand this service in Ireland. Revolut has already got a bank license from the authorities from the authorities in Lithuania.

Fintech provided an UK banking license by restricting the last July in July last year – and Sometimes prone – The three-year process with regulators that push the group’s expansion plans in the home market.

Restrictions – Revolut is in the mobilization phase of the CRA – this cannot expand the loans given by the 50,000th pounds and Fintech’s customers insured by the British guarantee scheme. You need to meet certain requirements to register and operate as a bank.

The pra, the mobilization period “cannot continue indefinitely and should not be more than 12 months.” However, “There may be some cases outside the control of a new bank,” it is the ability to respond to the deadline.

Revolut refused to say that on July 25, the 12-month-long deadline will be released from the mobilization, with a person who says a person who is familiar with this process. Executors believe that Revolut’s banking license may always take longer than the company’s larger size compared to a typical applicant.

In the most recent annual report, the group said that the goal is to register the “in 2025”.

Revolut said: “Our respect for British customers has developed a choice bank for customers and a choice of products and services that develop their financial lives, including consumer loans.

“As part of this ambition, our UK banking appealed for the consumer credit license. Because we have built our UK bank to launch our Bank, and after the completion of this process, we will provide new products to our customers after the completion of this process.”

FCA and pra refused to comment.