Fintech company Revolut has received a full UK banking license and is now operating as Revolut Bank UK Ltd. This allows the company to open bank accounts and accept customer deposits in the UK, subject to regulatory requirements from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
With the new status, Revolut customer deposits in the UK will be protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.
Over the coming months, the relevant customer accounts will be transferred to Revolut Bank UK Ltd bank accounts, after which they will have access to enhanced banking features.
After receiving a banking license in the UK, Revolut customers’ deposits, including current accounts, child and teenager accounts, joint accounts, and Pockets, will be protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per person.
Regarding travel insurance, group policy numbers will be updated, but the terms of insurance protection will remain unchanged. At the same time, current account details, such as account number, IBAN, BIC, and sort code, remain unchanged.
The functionality of the Revolut application and access to transaction history also remain unchanged. Paid tariff plans and other company products, including trading in shares, cryptocurrencies, and commodities, will continue to operate through existing Revolut divisions.