Revolut UK Regulatory and Risk Bosses Quit as Fintech Giant Awaits UK Banking Licence Decision
- People Moves
- 25.07.2022 03:50 pm
Revolut has been struck by the exit of several key executives, including its UK regulatory and risk bosses, amid uneasy relations with the UK regulator as the neobank looks to speed up a decision on its UK banking licence.
In total, five Revolut executives are quitting the $33bn neobank including its UK chief risk officer, Victoria Stubbs; UK head of regulatory compliance, Justine Wootton; and UK money laundering reporting officer Mathew Seneviratne, in news first reported by CityAM.
Revolut’s UK data protection officer and UK deputy money laundering reporting officer have also resigned.
Earlier this month, senior Revolut executive Deirdre Halligan left the fintech after two years with the company.
The departures come as Revolut, which is currently regulated as an electronic money institution, seeks to be authorised with a UK banking licence as well as get full approval to provide crypto services in the UK.
Revolut, which applied for a UK banking licence in January 2021, sees garnering a UK banking licence as being a key step in its plan to become a global super app.
Earlier this year, Revolut CEO and co-founder Nik Storonsky criticised the Financial Conduct Authority (FCA) for its tardiness in granting it a UK banking licence, telling CityAM that the FCA is “slower compared to other regulators”.
“We applied for 48 licences across the globe and we received 44, and three of the licences that we haven’t received are actually in the UK,” Storonsky said.
He called for “stricter timelines”, more people or “more efficient people” to speed the process along.
It has also been reported that in February, the 38-year-old Storonsky buttonholed the then UK chancellor Rishi Sunak at a London event.
The neobank is also seeking to be fully approved for its crypto services by the FCA, which is tasked with overseeing how digital asset firms combat money laundering, as it is only currently on a temporary register.
Some industry experts have privately expressed annoyance with the FCA’s handling of the crypto register.
High levels of churn of senior executes are not uncommon in fintech.
A Revolut spokesperson said: “Over the last few months these individuals have decided to move on from Revolut.
“It’s not uncommon in highly entrepreneurial companies that people join for phases of growth and some decide to move on when the time is right for them.
“We thank them for their hard work and dedication during their time at Revolut. We’re continuing with our mission to build a global financial super app.”