The FT, citing people familiar with the matter, said Revolut was the unnamed "financial services provider" whose BDO audit was criticised in a recent report from the Financial Reporting Council watchdog.

"The auditors are being significantly more challenging now, because they're getting beaten up by their regulators," one of the sources told the paper.

The FRC had in July slammed an unnamed group's audit over its "inadequate" approach to revenue recognition that posed "unacceptably high" risks of "material misstatement".

Both BDO and Revolut declined to comment on the newspaper report.