Revolut Confirms Appointment of Ex-Deloitte Partner Britton

Challenger bank Revolut has appointed Caroline Britton to its board as a non-executive director. The British firm announced Britton’s appointment last month and has now confirmed the appointment via a Companies House filing.

A former partner at Deloitte, one of the so-called ‘big four’ accounting firms, Britton will head Revolut’s auditing committee.

The London-based bank has come under fire in the past couple of months following allegations that, in its hurry to onboard new customers, it failed to meet compliance requirements.

A BBC report published last week indicates that a Whistleblower Whistleblower A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior A whistleblower is an individual who manages to provide information or activity within a private or public organization that is deemed illegal, unethical, or not correct. In many countries, including the United States, whistleblowers are protected by law and in some cases can even recoup rewards if their information leads to successful prosecution.In the context of the financial services industry, whistleblowers play a large role in oversight, helping unmask several episodes of illicit behavior Read this Term at the bank approached the Financial Conduct Authority (FCA), the UK’s main financial regulator, in 2016.

The whistleblower apparently expressed concern about the firm’s anti-Money Laundering Money Laundering Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund Read this Term procedures and the conduct of Nikolay Storonsky, the bank’s chief executive officer (CEO).

“The CEO refused to listen to the compliance team,” one former Revolut employee told the BBC last week.

New governance team

Partly in response to those allegations, the bank has, according to a report published by the Financial Times, been investigated by the FCA.

The Financial Times also said that in Lithuania, where Revolut is licensed as a bank, politicians have also expressed concerns at the firm’s activities.

In a move likely designed to ease the concerns of regulatory authorities, Storonsky announced a number of new senior hires last month.

Britton was one of them, but she will also be joined by Standard Life Aberdeen co-chief executive Martin Gilbert, who joins as an advisor, and Bruce Wallace - the former chief operations officer at Silicon Valley Bank.

“The decision to make these appointments and executive hires was not made lightly and followed an extensive period of search for the right mix of technical and financial expertise,” Storonsky said in a statement last month.