Not upheld: account review, blocking and closure; KYC compliance complaint against Revolut Ltd

Decision detail

Summary

H, a limited company, complained that Revolut unfairly blocked and closed its business account following a KYC review initiated in September 2025, claiming poor communication and excessive delays caused it to lose a £50,000 investment opportunity. Revolut requested information about source of wealth, investors, and business operations, which Mr S provided but Revolut deemed insufficient. The ombudsman found that Revolut's actions were lawful and reasonable as they were required by FCA regulations to conduct KYC checks on all customers regardless of tenure, the information requested was standard, the review was not unduly delayed, and Revolut had a legitimate basis to close the account within its risk appetite. The ombudsman declined to uphold the complaint or award compensation.

The Ombudsman's reasoning

The ombudsman found that Revolut is strictly regulated and obliged to conduct KYC checks on both new and existing customers to comply with FCA requirements and protect against financial crime. The information requested was standard and necessary for regulatory compliance. The review process was not unduly delayed, and Revolut was entitled to set its own procedures for conducting reviews. While Revolut did not disclose specific reasons for closure (kept confidential), the ombudsman was satisfied based on confidential information that Revolut had a legitimate basis for closing the account within its risk appetite. The account terms permitted such reviews and closure with 60 days' notice, which was provided.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website