Yahoo Finance Revolut executive quits amid battle for UK banking licence
A senior Revolut executive responsible for regulatory affairs is quitting just weeks after its chief executive publicly criticised the City watchdog for holding up its banking licence application.
Deirdre Halligan, the digital bank’s head of global affairs, wealth and trading, handed in her notice amid Revolut’s battle with the Financial Conduct Authority (FCA) over its bid for a UK banking licence, which it applied for more than 18 months ago.
Ms Halligan joined Revolut in 2020 and was tasked with overseeing its relationship with regulators, including the FCA, as well as being responsible for all of the company’s licence applications.
She is also the only woman on the challenger bank’s 11-person executive leadership team, meaning all of Revolut’s top executives will be men following her departure.
It comes as Nikolay Storonsky, Revolut’s co-founder and chief executive, becomes increasingly frustrated that the digital lender has not been handed a licence to operate as a fully fledged bank in Britain and is instead regulated as an e-money issuer.
Last month, Mr Storonsky hit out at the FCA over what he regarded as its slow procedures for processing applications, saying it was “slower compared to expectations”.
He added that it might be beneficial for the regulator to employ “more efficient people”, have “stricter timelines” and clearer performance indicators.
The watchdog has concerns around aspects of Revolut’s controls, culture and whether it has an appropriate number of employees to comply with “know your customer” checks and ongoing transaction monitoring, The Telegraph understands.
The FCA declined to comment. A spokesman for Revolut said: “We do not discuss ongoing licence applications.”
While Ms Halligan was responsible for overseeing regulatory relationships and licences at the most senior level of the business, Revolut also has specialist teams that focus on both areas, a source close to the company said.
Ms Halligan is leaving for a chief operating officer role at a company in her native Ireland.
The resignation is the latest in a series of senior departures at Revolut, which was valued at $33bn (£27.6bn) after its latest funding round last year.
Revolut’s head of operational risk and head of UK compliance have also left in recent months.
It comes as challenger banks face increasing regulatory pressure to tighten controls around financial crime and money laundering over fears they are cutting corners so customers can quickly set up accounts.
Revolut secured a specialised banking licence from the European Central Bank in 2018, facilitated by the Bank of Lithuania, which allowed it to accept deposits and offer consumer credit. Last December, it was granted a full banking licence by the ECB.
A Revolut spokesman said: “It’s critical that we continue to raise the bar when it comes to hiring and retaining the best talent. As a growing business, we have a role to play in removing barriers that women face and we are targeting 30pc senior leadership roles filled by women by 2025.
“Like other tech and financial services companies, we have a way to go to ensure that women are provided with fair and equitable opportunities here at Revolut.”
Ms Halligan was contacted for comment.
