Heavier regulation of fintechs like Revolut needed, union boss says

Financial Services Union warns there should be more oversight of emerging firms in the financial technology sector as some regulators express concerns about their activities and company culture

John O'Connell, General Secretary of the Financial Services Union at the launch of Financial Services Union Strategic Plan 2023-2026 last week. Picture: Fergal Phillips

Revolut and other financial technology companies need to be regulated more heavily, according to the boss of Ireland’s Financial Services Union (FSU). This comes amid concerns that some fast-growing companies in the sector are acting increasingly like banks without the same amount of oversight.

John O’Connell, the FSU’s secretary general, pointed to issues relating to high staff turnover and company culture at some fintechs as evidence that regulation in the sector needed to be “strong”.