Revolut loses more senior UK compliance execs

Revolut loses more senior UK compliance execs

The exodus of senior compliance staffers from Revolut continues, with a string of resignations, including UK chief risk officer Victoria Stubbs, over the last few weeks.

As first reported by City A.M., Stubbs, UK head of regulatory compliance Justine Wootton and UK money laundering reporting officer Mathew Seneviratne have all quit the financial super app, as have its UK data protection officer and UK deputy money laundering reporting officer.

The Bank departures come as Revolut bids to secure a UK banking licence and approval for its crypto offering from the Financial Conduct Authority.

In an interview with City A.M. last month, CEO Storonsky rounded on the FCA for its tardiness, saying that progress on the banking licence application had been slow and regulators had lagged behind their international counterparts.

The latest resignations come weeks after Deirdre Halligan resigned from her role as head of global affairs, wealth and trading, which saw her lead expansion, authorisation and regulatory affairs.

Harry Gill, Revolut’s global head of regulatory compliance, resigned in May, and the chief of operational risk and head of UK compliance have also left in recent months.

Despite losing so many compliance and risk staffers from the Bank at a crucial time, on Tuesday, Revolut issued an updated statement to Finextra: "Over the last few months these individuals have decided to move on from Revolut.

"It’s not uncommon in highly entrepreneurial companies that people join for phases of growth and some decide to move on when the time is right for them.

"We thank them for their hard work and dedication during their time at Revolut.

"As Revolut is an EMI licensed business in the UK, UK Bank roles are not yet operational, so these departures have no disruption to our regulated activities. We’re continuing with our mission to build a global financial super app."

Want to see more fintech opportunities? Visit the Finextra Job Board for hundreds more roles, and bookmark the link for regular check-ins.

Comments: (1)

A Finextra member
A Finextra member 27 July, 2022, 12:41Be the first to give this comment the thumbs up 0 likes

Interesting developments - Compliance and regulatory issues seem to be causing problems that are imploding on the team at Revolut.... as the media has it: "Some speak of a new maturity in Storonsky, who’s been criticized before for a toxic and target-obsessed work culture."