The head of the Bank of England intervened to stop a planned meeting between Rachel Reeves, regulatory officials, and Revolut, citing concerns that the chancellor was interfering in an independent review of the fintech firm’s banking licence application.
Andrew Bailey stepped in after becoming aware of the proposed discussion involving Revolut, the Treasury, and the Bank’s Prudential Regulation Authority regarding the company’s efforts to secure full banking status in the UK.
The meeting, initially reported by CuriosityNews, was set to occur in recent weeks but was called off over fears it could undermine the central bank’s regulatory independence from political influence.
A Treasury spokesperson stated: “The chancellor and the governor maintain a strong, cooperative relationship, and the government fully respects the operational independence of the Bank of England.”
The Bank did not provide further comment.
The gathering was seen as part of broader efforts to persuade Revolut—valued at $45bn—to opt for a London listing for its anticipated stock market debut.
Officials have grown uneasy following remarks from Revolut’s CEO, Nik Storonsky, who suggested late last year that New York might be a more suitable location due to its regulatory framework and market scale.
Losing Revolut, Europe’s most valuable private fintech, would be a setback for London’s financial sector, which has faced increasing competition from overseas exchanges attracting firms that might otherwise list in the UK.
The chancellor has encouraged regulators to aid financial firms to foster growth, even stating in a recent speech that excessive regulation risks stifling business.
Revolut obtained a limited UK banking licence last year after a lengthy three-year process, during which it resolved accounting discrepancies, regulatory issues, and reputational concerns tied to its corporate culture. The company claims these matters have since been addressed.
However, the licence remains restricted, meaning Revolut cannot issue its own loans in the UK. Its deposit-taking capacity is also capped at £50,000 until it demonstrates sufficient operational safeguards to regulators.
The firm aims for full authorization this year, which would enable it to expand into lending and mortgage services.
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