Digital banking giant Revolut has found itself embroiled in a fresh dispute with UK financial regulators. The controversy stems from the company's failure to proactively inform watchdogs that its chief executive, Nik Storonsky, had changed his primary country of residence.
A Move to the Emirates
Filings with Companies House in October 2025 revealed that Storonsky, the co-founder and boss of the London-headquartered fintech, had ditched his main UK residency in favour of the United Arab Emirates. However, according to new reports, officials at the Treasury, the Financial Conduct Authority (FCA), and the Bank of England were not formally notified. They reportedly only became aware of the significant change once it was published in the media.
This lapse in communication prompted regulators to press Revolut for assurances. They sought confirmation that Storonsky's relocation would not impact the day-to-day running of the firm, which has spent several years attempting to secure a full UK banking licence.
Revolut's Response and Ongoing Licence Battle
Revolut has stated that the residency shift, conducted under Storonsky's family office, has no effect on its management. The company maintains it was not obligated to inform regulators of the personal move. A source cited by the Financial Times suggested the change reflects Storonsky's management of his family office from Dubai. Notably, Revolut's own company filings still list him as a resident in Britain.
This incident adds another layer of tension to Revolut's already complex relationship with UK authorities. It follows reports that Bank of England Governor Andrew Bailey blocked a planned meeting between the fintech and watchdog officials, a meeting allegedly arranged by the Chancellor.
Despite the friction, Chancellor Rachel Reeves recently appeared at the launch of Revolut's global headquarters, praising the firm's £3bn investment into the UK. At that event, Storonsky reiterated that obtaining a full UK banking licence remained the company's "number one priority."
A Critical Voice and a Cautious Timeline
Storonsky has been openly critical of the UK's regulatory environment in recent years, labelling it as plagued by "extreme bureaucracy." This regulatory complexity is impacting the firm's timeline. Earlier in 2025, it was revealed Revolut was set to miss a key 12-month mobilisation stage in July, a period following licence approval to become fully operational.
The fintech, valued at approximately $75bn, has stated it is progressing through the final stages of this mobilisation—which would be the largest ever undertaken in the UK—and is working constructively with the Prudential Regulation Authority (PRA). The company emphasised that "getting this right is more important than rushing to meet a specific date."
When questioned last year about a potential London listing for Revolut, Storonsky suggested it was "not rational" compared to the deeper liquidity available on overseas markets, further highlighting the fintech's global perspective amidst its UK regulatory challenges.
