Revolut chair Gilbert holds talks with PRA as licence deadlock drags on

The chairman of Revolut is predicted to fulfill monetary watchdogs this week in an effort to resolve an deadlock over its software for a UK banking licence.

Sky News understands that Martin Gilbert, the previous boss of fund supervisor Standard Life Aberdeen, is because of maintain talks with officers from the Prudential Regulation Authority (PRA) as the applying course of drags on.

One supply mentioned they had been scheduled to fulfill on Tuesday.

The talks come weeks after the Telegraph reported that regulators had been making ready to reject Revolut’s software altogether.

A licence is seen as essential due to the worldwide credibility connected to the UK regulatory approval course of, and since having the ability to settle for retail deposit would considerably cut back Revolut’s price of capital.

Nik Storonsky, the digital financial institution’s founder and CEO, has publicly criticised the UK authorities and watchdogs in latest months over the size of time its banking licence software has taken.

He reportedly threatened to maneuver the corporate’s headquarters abroad as a consequence of his frustration.

Revolut has, nevertheless, been beset by compliance and governance points, not too long ago dropping its finance chief.

It additionally noticed its auditor, BDO, warn that its revenues had been misstated in its delayed 2021 outcomes.

Mr Storonsky prompt that regulators’ warning had been fuelled by latest trade crises which had concerned the rescue of Credit Suisse by Swiss rival UBS, and the collapse of Silicon Valley Bank.

Revolut, which has been contacted for remark, beforehand mentioned it had agreed with the PRA to not communicate publicly concerning the licence software whereas it was ongoing.