UK regulators concerned about Revolut chief's residency move to UAE - FT
Europe's most expensive neo-bank expects to secure the lifting of UK deposit-taking restrictions in December
British financial regulators have expressed concern over the fact that Revolut, a London-registered neobank, failed to notify them of a change in the tax residency of its head, Nikolay Storonsky, to the UAE. The information about this appeared in the registration documents of his family office, while in the corporate accounts of Revolut itself Storonsky is still listed as a resident of the UK, the Financial Times reported.
According to the FT, the British Ministry of Finance, the Financial Conduct Authority (FCA) and the Bank of England learned about the new status of Storonsky from the media. The situation forced the supervisory authorities to demand explanations from the company and guarantees that such a "geographical separation" would not affect the bank's management, three sources told the newspaper. According to one of them, regulators in the country are used to the fact that companies warn them in advance about the change of residence of their management.
Revolut believes it is under no obligation to inform authorities of changes to the Storonsky family office documents, a source told the FT. Officially, the company explained that the CEO divides his time between the UK, Dubai and other regions because of the global nature of the business. According to the FT source, operational management of the fintech is run from London, while the family office is run from Dubai. The company emphasized that Storonsky's role and responsibilities at Revolut have not changed.
Revolut, Europe's largest fintech startup with a $75 billion valuation, expects to obtain a full banking license in the UK by the end of 2025. The bank is currently in the "mobilization" stage, which imposes severe restrictions on deposit-taking. The FT reported in October that Revolut's issuance of a full banking license has been delayed due to regulators' concerns about the ability of the company's risk management systems to control the rapid growth of overseas operations.
This article was AI-translated and verified by a human editor
