Revolut has been fined €11.5m (£10m) by Italy’s competition authority after the watchdog found the London-based FinTech giant had misled customers over the fees and terms of its investment products.
According to City AM, the Italian regulator determined that advertisements implying customers could trade with 0% commission were inaccurate.
The $75bn neobank — which secured its banking permit in the UK just last month — was also found to have unfairly restricted some users’ accounts.
Italy’s competition authority said Revolut had “used aggressive practices in managing the suspension, limitation and blocking of payment accounts, while omitting (or failing to clearly provide) key information on the relevant terms and procedures.” The watchdog further stated that “[Revolut] did not provide clients with sufficient pre-contractual information, or advance notice before restrictions were imposed, nor did they provide an opportunity to respond or adequate assistance once restrictions had been imposed.”
The fine is split across two separate violations. Revolut Securities Europe UAB — the group entity providing investment services across Europe — and Revolut Group Holdings have each been fined €5m for failing to give customers clear and comprehensive information about additional costs and the features of commission-free investments.
A further €1.5m was issued for not providing clear and exhaustive information on the requirements and timeframe for customers migrating from Lithuanian bank accounts to Italian ones.
Revolut has pushed back against the ruling, stating it strongly disagrees with the findings and intends to appeal the decision in Italian courts. A Revolut spokesperson said, “This will have no impact on Revolut’s operations or financial position.”
This is not the first time Revolut has faced regulatory scrutiny. Last year, the Bank of Lithuania issued the neobank with a £3m fine for inefficiencies in its anti-money laundering controls, citing “violations and shortcomings in the monitoring of business relationships and [transactions].” This followed an earlier €70,000 (£60,000) penalty from Lithuanian regulators in 2022 for failing to submit its financial statements on time.
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