Which? responds as Revolut secures UK banking licence
Sam Richardson, Deputy Editor of Which? Money, said:
“Which? has raised the alarm about Revolut taking a seemingly lax approach to tackling scams on its platform and not reimbursing victims who have lost life-changing sums of money to fraud, so despite the e-money firm getting the green light for a banking licence, we don’t currently recommend putting significant sums in a Revolut account.
“Revolut’s banking licence would have some benefits for its customers, for example their money being protected by the Financial Services Compensation Scheme up to £85,000. However, the company needs to step up and show how it will improve its approach to stamping out fraud and protecting customers’ money before it can truly earn people’s trust. Regulators have issued the licence subject to restrictions and must continue to monitor Revolut particularly carefully going forward.
"If the government is serious about addressing the fraud epidemic gripping the UK, it must support the full implementation of the Payment System Regulator's new reimbursement rules as planned in October, which will crucially give banks and payments firms a financial incentive to put in place proper security measures."
-ENDS-
Notes to editors