Bailey Denies Rift with UK Government Over Revolut’s Bank License
This article discusses the ongoing situation surrounding fintech giant Revolut’s application for a full banking license in the UK. Despite reports of friction between the Bank of England (BOE) and the UK government, Governor Andrew Bailey denies any falling out. Here’s a breakdown:
- No Falling Out: BOE Governor Bailey insists there’s no disagreement with the UK Treasury regarding the delays in Revolut’s full banking license approval.
- Good Relations: Bailey emphasized the good working relationship between the BOE and the Treasury.
- Mobilization Phase: Revolut is currently in the “mobilization” phase after receiving a restricted banking license in July 2024. This limits customer deposits and insurance coverage.
- Government Interest: The UK government is keen on Revolut’s full license, particularly as it faces criticism from the tech industry.
- Rule Changes Possible: Bailey suggests the BOE is open to rule changes to support the fintech sector’s growth, while maintaining financial stability.
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