Not upheld: Service failures generally complaint against Revolut Ltd

Decision detail

Summary

Mr L complained to Revolut about its cash deposit system and the speed of incoming payment processing, believing these do not meet industry standards. Revolut explained it processes payments in line with UK payment systems standards and that its barcode-based cash deposit service is a necessary alternative to physical branches as a digital-only provider. The ombudsman found that Revolut has acted fairly and reasonably, as it is entitled to design its services according to its commercial model, has clearly communicated these arrangements, and processes payments in compliance with standard UK banking systems and its own terms and conditions. The complaint was not upheld.

The Ombudsman's reasoning

The ombudsman determined that Revolut, as a digital-only institution, is entitled to design its services according to its commercial model, provided these are clearly explained and applied fairly. The ombudsman found no evidence that Revolut misled Mr L about cash deposit methods or failed to provide the services it offers. Regarding payment processing, Revolut complies with standard UK payment system cycles and its own terms and conditions, and early access to funds is an additional feature rather than a regulatory requirement.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website