The Polish Financial Supervision Authority (KNF) sent out a statement to the media in which it informs that due to the events that took place on July 1, 2018, when Revolut card users experienced problems, it is asking its British counterpart to “provide and maintain increased supervision” over the company.
The document states that Revolut is an electronic money institution that is licensed to operate by the Financial Conduct Authority. “Based on EU law on the freedom to provide services and the so called single passport, Revolut Ltd. has the right to operate in other EU member states, including Poland (according to a notice received by the Financial Supervision Authority from the FCA on July 6, 2016)”, the statement says.
The regulator emphasizes the fact that because the license was issued in Great Britain, KNF has no legal or operational possibility of “identifying possible inappropriate practices or actions of such businesses early enough, which would enable them to prevent the infringement of the interests of Polish customers”.
The breakdown that affected Revolut cards took place last Sunday. The IT system of the company that processes Revolut transactions was malfunctioning for several hours. Some customers were unable to make payments or withdraw cash. However, the money was reserved on their accounts. Revolut apologized for the breakdown and informed its customers that it will soon stop using the external company's services because it is building its own transaction system.