Revolut executive resigns amid battle for UK banking license

Last month, Mr Storonsky hit out at the FCA over what he saw as the slowness of its claim-handling procedures, saying they were “slower than expected”.

He added that the regulator could benefit from employing “more efficient people”, having “tighter timelines” and clearer performance indicators.

The watchdog is concerned about aspects of controls, Revolut’s culture and whether it has an appropriate number of staff to comply with ‘know your customer’ checks and ongoing monitoring transactions, includes The Telegraph.

The FCA declined to comment. A Revolut spokesperson said: “We do not discuss pending license applications.”

While Ms Halligan was responsible for overseeing regulatory relations and licensing at the highest level of the business, Revolut also has dedicated teams that focus on both areas, a source close to the company said.

Ms Halligan’s resignation is the latest in a string of senior executive departures at Revolut, which was valued at $33bn (£27.6bn) after its last funding round last year.

In May, The Telegraph also revealed that Harry Gill, Revolut’s global head of regulatory compliance and a member of its management team, had resigned following a restructuring of the enterprise risk division.

Revolut’s operational risk manager and UK compliance manager have also left in recent months.

It comes as challenger banks face growing regulatory pressure to tighten controls on financial crime and money laundering, fearful of taking shortcuts so customers can quickly open accounts.

Revolut obtained a challenger bank license from the European Central Bank in 2018, facilitated by the Bank of Lithuania, which allows it to accept deposits and offer consumer credit.

A Revolut spokesperson said: “It is essential that we continue to raise the bar when it comes to hiring and retaining top talent. As a growing company, we have a role to play in breaking down the barriers women face and we’re aiming for 30% of leadership positions held by women by 2025.

“Like other technology and financial services companies, we have a long way to go to ensure that women have fair and equal opportunities here at Revolut.”

Ms. Halligan has been contacted for comment.

Comments are closed.