Highlights
- Billionaire tech entrepreneur reverts residency status from UAE to UK in corporate filings
- Initial October document suggesting Dubai move alarmed regulators reviewing Revolut's banking licence application
- Company has been awaiting full banking authorisation for over five years
October filing raised alarms
Last October, Storonsky Family Ltd modified official records to list the entrepreneur's residence as the UAE instead of Britain.
The change generated considerable media attention and caught banking supervisors off guard as they assessed the fintech firm's banking authorisation bid.
Sources suggest the Bank of England and Financial Conduct Authority contacted Revolut demanding explanations for not being notified about what appeared to be the chief executive's international move.
The same October day, an amended filing was submitted describing corrections to "trivial inaccuracies," though this updated version only became publicly available in January.
Licence application continues
The fintech company currently operates with restricted banking permissions during what's termed a "mobilisation phase," preventing full lending and deposit activities.
While this transitional period normally lasts under twelve months, Revolut has remained in this status for eighteen months following an initial application submitted over five years ago.
A company representative told The Telegraph "Revolut operates across 40 markets, and our CEO, Nikolay Storonsky, divides his time across the UK and our key international regions, reflecting the global nature of the business.
There has been no change to his role or responsibilities at Revolut, and his registered details at Companies House remain in the UK."
Treasury officials declined to discuss individual tax matters, while the Bank of England provided no statement. The FCA was approached for response.
