No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Sunday, October 5, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Markets

Bank of England governor denies rift with government over Revolut

by TheAdviserMagazine
2 months ago
in Markets
Reading Time: 2 mins read
A A
Bank of England governor denies rift with government over Revolut
Share on FacebookShare on TwitterShare on LInkedIn


Revolut cards is seen in this illustration photo taken in Krakow, Poland on March 29, 2024. 

Jakub Porzycki | Nurphoto | Getty Images

LONDON — Bank of England Governor Andrew Bailey told CNBC there hasn’t been a “falling out” with the U.K. government over delays to fintech giant Revolut’s long-awaited bank license.

Last week, the Financial Times reported that a meeting arranged by British Finance Minister Rachel Reeves with Revolut and the Prudential Regulation Authority (PRA) — an arm of the BOE that oversees banks — was cancelled after an intervention from Bailey.

Authorizing Revolut as a fully licensed bank has become an important issue for the U.K. government, particularly as key figures in the tech industry have challenged tax changes that affect the wealthy.

However, in an interview with CNBC’s Ritika Gupta on Thursday, Bailey denied any suggestion that relations between the BOE and Treasury had soured over delays to Revolut’s bank license approval process.

“There’s been no falling out between [Reeves] and I on this, or indeed on anything,” he said. “Actually, we have very good relations, and I think both the Bank and the Treasury have made that clear.”

Bailey added that while he couldn’t comment too much on Revolut specifically, the Prudential Regulation Authority is working things through with the digital banking startup during its “mobilization” process.

The fintech giant was granted a banking license with restrictions in July 2024 from the U.K.’s PRA, bringing an end to a years-long application process that began back in 2021.

This key victory moved Revolut into what’s known as the “mobilization” phase of a company’s journey toward becoming a full-fledged bank.

During this period, firms are limited to holding only £50,000 of total customer deposits — well below the hundreds of billions of pounds customers deposit with major high street lenders such as Barclays, HSBC and Santander.

Revolut customers in the U.K. are also still served by the company’s e-money unit, instead of its banking entity. This means they are not directly insured by the Financial Services Compensation Scheme, which protects customers up to £85,000 if a firm fails.

Delays to Revolut have been a point of contention for the government, which has come under fire from the U.K. tech industry for not doing enough to ensure the country can compete effectively with the U.S. and other key hubs.

Bailey stressed that there was “no trade off between financial stability and growth in the economy.” However, he suggested that he was open to rule changes to enable the fintech sector to flourish.

“We are very open to making changes where they’re appropriate,” he said.



Source link

Tags: bankDeniesEnglandgovernmentgovernorRevolutrift
ShareTweetShare
Previous Post

US Economic Outlook H2 2025: Steady Growth, Growing Caution

Next Post

Dropbox Q2 2025 adj. earnings rise despite modest decline in revenues

Related Posts

edit post
Top Wall Street analysts recommend these 3 dividend stocks for stable returns

Top Wall Street analysts recommend these 3 dividend stocks for stable returns

by TheAdviserMagazine
October 5, 2025
0

In this photo illustration, the Brookfield Infrastructure Partners company logo is seen displayed on a smartphone screen. Piotr Swat |...

edit post
A Blurry Future for Eye Tracking Stocks

A Blurry Future for Eye Tracking Stocks

by TheAdviserMagazine
October 4, 2025
0

Eye tracking stocks should be making hay while the sun shines. We’re seeing an emergence of new regulations in favor...

edit post
Case for investing abroad despite record U.S. market gains

Case for investing abroad despite record U.S. market gains

by TheAdviserMagazine
October 4, 2025
0

Investors may want to boost their exposure overseas."Home bias is about as bad as it's ever been in the United...

edit post
Activist Irenic builds a stake in Workiva, hoping to gain two board seats

Activist Irenic builds a stake in Workiva, hoping to gain two board seats

by TheAdviserMagazine
October 4, 2025
0

Company: Workiva (WK)Business: Workiva is a provider of cloud-based reporting solutions that are designed to solve financial and non-financial business...

edit post
Inside the uranium plant at the center of U.S. plans to expand nuclear power

Inside the uranium plant at the center of U.S. plans to expand nuclear power

by TheAdviserMagazine
October 4, 2025
0

EUNICE, NEW MEXICO — Paul Lorskulsint was a shift manager at a brand new uranium enrichment facility deep in the...

edit post
Bitcoin rallies to within 1% of all-time high, gaining safe-haven status during shutdown

Bitcoin rallies to within 1% of all-time high, gaining safe-haven status during shutdown

by TheAdviserMagazine
October 4, 2025
0

Bitcoin rallied on Friday to within striking distance of its record high as the U.S. government's shutdown entered its third...

Next Post
edit post
Dropbox Q2 2025 adj. earnings rise despite modest decline in revenues

Dropbox Q2 2025 adj. earnings rise despite modest decline in revenues

edit post
North Carolina Launches Expanded Direct Admission Program for 62,000 High School Seniors

North Carolina Launches Expanded Direct Admission Program for 62,000 High School Seniors

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
The 15 Worst and 10 Best Cities for Young Americans With Credit Card Debt

The 15 Worst and 10 Best Cities for Young Americans With Credit Card Debt

0
edit post
Retirees, Get Ready for This Unpleasant Medicare Surprise in 2026

Retirees, Get Ready for This Unpleasant Medicare Surprise in 2026

0
edit post
Interview: Alex Pollock on the Fed and Gold, Part I

Interview: Alex Pollock on the Fed and Gold, Part I

0
edit post
Stablecoin-Focused GENIUS Act Is Beginning of the End for Banks

Stablecoin-Focused GENIUS Act Is Beginning of the End for Banks

0
edit post
Why Your Routine Health Check Might Be Missing These Early Warning Signals

Why Your Routine Health Check Might Be Missing These Early Warning Signals

0
edit post
Health Centers Face Risks as Government Funding Lapses

Health Centers Face Risks as Government Funding Lapses

0
edit post
Stablecoin-Focused GENIUS Act Is Beginning of the End for Banks

Stablecoin-Focused GENIUS Act Is Beginning of the End for Banks

October 5, 2025
edit post
Bulls piling into emerging markets as momentum returns

Bulls piling into emerging markets as momentum returns

October 5, 2025
edit post
Dollar vs yen: Surprise in Japan’s leadership race to roil financial markets

Dollar vs yen: Surprise in Japan’s leadership race to roil financial markets

October 5, 2025
edit post
Firefly Aerospace strengthens portfolio with 5 million deal for national security tech firm SciTec

Firefly Aerospace strengthens portfolio with $855 million deal for national security tech firm SciTec

October 5, 2025
edit post
Larry Summers praises Ford CEO Jim Farley’s concept of the essential economy because it doesn’t ‘fetishize manufacturing’

Larry Summers praises Ford CEO Jim Farley’s concept of the essential economy because it doesn’t ‘fetishize manufacturing’

October 5, 2025
edit post
When Privacy Becomes a Caregiver Issue: What Boomers Need to Know Now

When Privacy Becomes a Caregiver Issue: What Boomers Need to Know Now

October 5, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Stablecoin-Focused GENIUS Act Is Beginning of the End for Banks
  • Bulls piling into emerging markets as momentum returns
  • Dollar vs yen: Surprise in Japan’s leadership race to roil financial markets
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.