"The chancellor had praised Revolut as a “shining” success, saying the government was willing to back innovative companies “to the hilt.
After a quick introduction, the pair posed for a photo – which was swiftly posted by #Storonsky’s team to one of Revolut’s Twitter accounts.
Revolut has yet to convince regulators – chiefly the Financial Conduct Authority (FCA) – it should be trusted to hold deposits and start lending to consumers. Rumours are that may be set to change, but there has been no official confirmation."
Hopefully that UK bank authorisation is not too far away. It is very difficult for SMEs (and in particular #fintech companies) to open bank accounts in the UK. To be clear I am talking about banks, not companies that provide 'banking like services', because what SMEs want and need are accounts that come with the £85,000 UK deposit protection guarantee scheme.
"The balancing act for watchdogs such as the FCA is to ensure standards and regulations are not eroded, while also encouraging growth. One former official at the regulator said: “The FCA will need to greenlight at least some form of licence if it wants to make the case for its continuing relevance. It can’t ignore the very company that’s being championed by the chancellor.”
https://www.linkedin.com/posts/peteroakes_revolut-can-the-chancellors-fintech-favourite-activity-7033467712337010688-68Av?utm_source=share&utm_medium=member_desktop
After a quick introduction, the pair posed for a photo – which was swiftly posted by #Storonsky’s team to one of Revolut’s Twitter accounts.
Revolut has yet to convince regulators – chiefly the Financial Conduct Authority (FCA) – it should be trusted to hold deposits and start lending to consumers. Rumours are that may be set to change, but there has been no official confirmation."
Hopefully that UK bank authorisation is not too far away. It is very difficult for SMEs (and in particular #fintech companies) to open bank accounts in the UK. To be clear I am talking about banks, not companies that provide 'banking like services', because what SMEs want and need are accounts that come with the £85,000 UK deposit protection guarantee scheme.
"The balancing act for watchdogs such as the FCA is to ensure standards and regulations are not eroded, while also encouraging growth. One former official at the regulator said: “The FCA will need to greenlight at least some form of licence if it wants to make the case for its continuing relevance. It can’t ignore the very company that’s being championed by the chancellor.”
https://www.linkedin.com/posts/peteroakes_revolut-can-the-chancellors-fintech-favourite-activity-7033467712337010688-68Av?utm_source=share&utm_medium=member_desktop