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Revolut CFO quits after auditor BDO warning

standard.co.uk

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Re: Revolut CFO quits after auditor BDO warning

#51

Post by zx8080 »

TeMPOraL wrote: post #35
Moldoteck wrote: post #34

Earlier quoted context omitted.

Before revolut our bank apps were pure garbage, so they improved them for compensation and I give revolut credit for this

I guess this is a bit like my take on Uber - they may be rotten to the core and damaging the very fabric of society, but at the very least they pushed competitors of all kinds to improve the hailing/ordering experience, so now taxis and rideshares around the world can be ordered via an app, with built-in map and address search. Back to Revolut - I'm of two minds about bank apps. On the one hand, good apps are good, a…

Banks want to sink as much data from the consumer device as possible. Remember bank app wants a permission to access all files and calls and messages and location and physical sensors?

They don't care about security other than for avoiding devices that gives user a control over what data is accessible.

Security in banks is generally very basic (anyway, everything is covered with insurance, which is paid by the users, in the end).

User data is used mainly to calculate credit rating and for upselling.

Re: Revolut CFO quits after auditor BDO warning

#53

Post by lnxg33k1 »

pavlov wrote: post #21

So did “fintech” just mean “shitty bank” all along, same way that crypto was just shitty penny stocks.

Well, yeah, they should really aim to clone the stability and efficiency of traditional banks, like the target of any bank should really be to mimic the operational beauty of Deutsche Bank, Santander, Monte Paschi, ABN Amro, and so on.. they're the pillars on which our society is built upon

Re: Revolut CFO quits after auditor BDO warning

#54

Post by brnt »

zx8080 wrote: post #50
bboygravity wrote: post #33

Earlier quoted context omitted.

You might want to try the search term "N26 locking customer accounts for no reason with no recourse".

Why do they do it? Is it a reaction on regulator critique, or a plain "let's lock this account up to take some money" dumb (or smart?) profit-generation?

It's the cheapest form of KYC: don't have them at all.

Re: Revolut CFO quits after auditor BDO warning

#55

Post by bboygravity »

zx8080 wrote: post #50
bboygravity wrote: post #33

Earlier quoted context omitted.

You might want to try the search term "N26 locking customer accounts for no reason with no recourse".

Why do they do it? Is it a reaction on regulator critique, or a plain "let's lock this account up to take some money" dumb (or smart?) profit-generation?

My best guesses:

1. A dumb money laundering detection algorithm that does it's thing with 0 human interaction (basically the same reason people get locked out of their Google accounts for no reason). 2. Untrained and insufficient customer support (again similar to Google). 3. In my case: asking for documents to prove residency (they're supposedly legally obligated to do so,, but none of my other banks ask for this). The documents they ask for cannot be produced by someone who shares an appartment in the EU (no bills in my name, no rent receipts in my name, no address on ID cards). Game over. Account and card blocked. 0 flexibility from customer support, 0 help.

Re: Revolut CFO quits after auditor BDO warning

#56

Post by zx8080 »

bboygravity wrote: post #55
zx8080 wrote: post #50

Earlier quoted context omitted.

Why do they do it? Is it a reaction on regulator critique, or a plain "let's lock this account up to take some money" dumb (or smart?) profit-generation?

My best guesses: 1. A dumb money laundering detection algorithm that does it's thing with 0 human interaction (basically the same reason people get locked out of their Google accounts for no reason). 2. Untrained and insufficient customer support (again similar to Google). 3. In my case: asking for documents to prove residency (they're supposedly legally obligated to do so,, but none of my other banks ask for this).…

Do they require the additional docs when you top up the account or when try using those money/transfer out?

Re: Revolut CFO quits after auditor BDO warning

#57

Post by zx8080 »

brnt wrote: post #54
zx8080 wrote: post #50

Earlier quoted context omitted.

Why do they do it? Is it a reaction on regulator critique, or a plain "let's lock this account up to take some money" dumb (or smart?) profit-generation?

It's the cheapest form of KYC: don't have them at all.

> don't have them at all.

Who? Customers?

Re: Revolut CFO quits after auditor BDO warning

#58

Post by thdespou »

Mistletoe wrote: post #30
krona wrote: post #16

The Revolut UK banking chief executive also just quit 'for unrelated reasons' after texting a death threat to a customer: https://www.telegraph.co.uk/business/2023/05/13/revolut-exec...

> He has taken up a new executive role at telecoms business Lycamobile. Unbelievable. It’s impossible for people in this caste to fail.

If something is fishy they can still catch him.

Re: Revolut CFO quits after auditor BDO warning

#59

Post by SilverBirch »

This is really quite very very bad. I remember someone on twitter a while ago pointing out they keep missing the deadline for publishing their accounts. Like one of the things I would be quite keen to do if I were applying for a banking license would be to make sure I'm getting the paperwork right. Given that Revolut have raiesd enormous amounts of cash, I'd imagine they're pretty keen to IPO, and to do that they need a UK banking license - and there's just no way that's happening any time soon given what's going on. This could really cause them trouble and in the mean time the equity of any of the employees has probably already gone to zero because of the massive valuations they've raised at.

Re: Revolut CFO quits after auditor BDO warning

#60

Post by CoastalCoder »

dogma1138 wrote: post #45
riffraff wrote: post #29

Earlier quoted context omitted.

Revolut has had a fee questionable moments already, this does not seem to have been the case for other European fintech operations (wise, klarna, n26 etc). So yeah, I think a lot of fintech is not particularly good, but I don't think we can generalize to the level of the crypto boom.

The FCA (UK regulator) is also refusing to issue them a banking license, even a challenger bank one. It is still operating under their Lithuanian banking license. I really don’t understand why so many people in the UK use it as the deposits are not FSCS protected so if something goes wrong you’re fuck out of luck.

> I really don’t understand why so many people in the UK use it as the deposits are not FSCS protected so if something goes wrong you’re fuck out of luck.

I wonder if this is the kind of lesson that needs to be re-learned every few generations?

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