Is Revolut FCA regulated? Our UK banking status explained

When you choose a financial platform, trust is everything, whether you're managing daily spending, saving for the future, or sending money abroad. Here's everything you need to know about our UK banking status and what FCA authorisation means for you.

Here's a quick summary:

• We're regulated by the Financial Conduct Authority (FCA)
• Our UK entity, Revolut Bank UK Ltd, is a fully authorised bank
• We're subject to the same standards, capital requirements, and governance rules as traditional banks

Is Revolut a legitimate, fully authorised UK bank?

Yes, Revolut Bank UK Ltd is officially authorised as a bank in the UK, supervised by both the PRA and the FCA. We're subject to the same regulatory standards, capital requirements, and governance rules as traditional high-street banks.

Being FCA regulated means we must follow strict rules designed to protect you. You can verify our status directly on the official FCA register at any time.

What it means to be a bank without restrictions

Revolut Bank UK Ltd received its UK banking licence in 2024, initially operating under a period of restricted authorisation. We have now exited that restricted phase. As a fully authorised bank, we can offer you traditional current accounts and a broader range of banking features, with no operational limitations on our UK banking entity.

We'll reach out to you when your account is eligible for transition from our electronic money institution, Revolut Ltd, to our new UK banking entity, Revolut Bank UK Ltd. Once moved over, your account will be ready for new features as we launch them. You can check which entity your account currently sits on in-app by navigating to your Details from the home screen.

How we protect eligible deposits

Your money is handled in accordance with regulatory frameworks. But how your account is protected changes depending on which products you use.

If your account has transitioned to Revolut Bank UK Ltd, your eligible deposits will be protected by the Financial Services Compensation Scheme up to £120,000 per person, per institution. Exclusions apply — see the FSCS Information Sheet and Exclusions List for details.

If you use Savings, those balances will continue to be provided by Revolut Ltd. However, your money is deposited with third-party partner banks and is also protected by the FSCS up to £120,000 per person, per bank. This protection is separate from your Revolut UK Bank FSCS limit.

Services not listed above, including Crypto, Commodities, or Stocks are provided by different entities and do not fall under Revolut Bank UK Ltd's FSCS protection.

For more information on FSCS protection, please check the FSCS website.

How we keep your money safe with advanced security

Keeping your money safe is our absolute priority. Our systems are designed to protect you, 24/7, with extra security features that put you in control of your account security.

Directly in-app, you can manage your card security with a single tap. You can freeze or unfreeze your physical and virtual cards if you misplace them. You can also disable contactless payments, online transactions, and ATM withdrawals.

Access to your app is protected by strict identity checks. You can log in with a secure passcode or biometrics, like fingerprint or facial recognition.

Behind the scenes, we use an advanced, machine-learning-driven fraud detection system. This system monitors your transactions 24/7 to spot suspicious activity. If we detect something unusual, for instance, a potential scam or an out-of-character transaction, we trigger proactive warnings before the payment leaves your account. For more details on these systems, you can read our page on how we keep your money safe.

How to open your account today

Opening an account with us is straightforward and you can do it in a matter of minutes, directly from your smartphone.

Now that you understand the regulatory background, and our advanced security features, you might be ready to see how our app can help you manage your money better.

Here's a step-by-step guide to get you started:

1. Download our app directly from your phone's official app store
2. Enter your phone number and create a secure passcode
3. Provide your basic personal details as prompted clearly on the screen
4. Verify your identity by taking a secure photo of a valid ID document and a quick selfie
5. Once verified, add money to your account via a quick bank transfer

Order your physical card or start spending immediately using a virtual card

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FAQs

What will happen when Revolut becomes a UK bank?

We've already become a bank in the UK. Revolut Bank UK Ltd is now a fully authorised UK bank, which means we can offer current accounts instead of the e-money accounts we offered previously.

Over the coming months, we'll seamlessly transition eligible accounts from our electronic money institution to our new UK banking entity.

If you’re a Revolut customer, we’ll reach out to you when your account is eligible and ready to be transitioned. Once moved over, your account will be ready for new banking features as we launch them.

You can check which entity your account currently sits on in-app by going to Details from the home screen.

Are Revolut accounts regulated by the FCA?

Yes, and it goes further than that. There are two tiers of FCA oversight: FCA-registered and FCA-authorised. Revolut Bank UK Ltd is fully FCA-authorised. On top of that, we're also supervised by the PRA, which oversees the financial stability and resilience of UK banks.

This dual-regulation, FCA and PRA, is what you'd expect from any established UK bank. It means we're held accountable on 2 fronts: how we treat our customers, and how we manage our finances as an institution.

Can HMRC see my Revolut account?

As a fully authorised UK bank, Revolut Bank UK Ltd is subject to the same legal and regulatory obligations as any other UK financial institution, including compliance with HMRC's information-sharing requirements where applicable under UK law.