However, the penalty applied by the Lithuanian supervisor to a fintech also operating in Poland is symbolic
The Bank of Lithuania, which is the licensor and supervisor of Revolut's Lithuanian companies through which the company operates in the European Union, including Poland, announced that an audit had been carried out at the fintech. It mainly concerned Revolut's handling of complaints and the delay in submitting its annual financial report.
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Regarding the first of these issues, the audit found, among other things, that the fintech did not respect the deadlines for responding to customer requests or provided incomplete responses to complaints. Readers of cashless.pl have repeatedly criticised Revolut's handling of complaints in the past. They usually had to contact the company via in-app chat in such situations, where consultants responded with long delays. It seems that similar problems do not only occur in Poland and that this has been recognised by the supervisor. Revolut was punished with a warning for this.
A harsher penalty, but still rather symbolic, fell on Revolut for its delay in submitting its annual financial report to the Bank of Lithuania. The fintech bank was fined €70,000 for this offence, which has now been rectified.
The Bank of Lithuania is the licensor of Revolut Payments, as an electronic money institution, and Revolut Bank, which assumed the rights and obligations of Revolut Payments. The audit concerned the period during which the company operated as Revolut Payments.
Following the publication of the text, Revolut sent a statement, which we publish in its entirety:
The issues identified by the Bank of Lithuania regarding the handling of customer complaints have already been addressed. We will also take into account any suggestions from the regulator for further improvements. We have already managed to reduce the average queue time at the customer service chat to less than two minutes. We also received fewer complaints last year compared to 2020, and we regret the delay in reporting. The timing of our results submission in Europe was affected by technical considerations. These have already been corrected so that the situation is not repeated.