Italy’s Antitrust Authority has handed Revolut fines totaling more than €11 million, saying the financial company engaged in unfair commercial practices, deceptive actions and omissions in breach of Articles 20, 21 and 22 of the Consumer Code. The decision came at the end of an investigation launched by the authority on 8 July, with support from the Antitrust unit of the Guardia di Finanza. Small detail, apparently, in a very large bill.
The first fine: €5 million
One of the three penalties, worth €5 million, targets Revolut Securities Europe UAB and Revolut Group Holdings Ltd, the group entities behind investment services in Europe. According to the authority, the companies did not give consumers clear, transparent and complete information at the advertising stage, where the first contact with a product usually begins and, ideally, where the fine print does not vanish into a fog.
The missing information concerned both additional service costs and the limits attached to commission-free investments. The authority also said customers were not properly informed about the use of fractional shares, which differ significantly from whole shares in terms of risk, rights and transferability.
Another €5 million for account restrictions
A second fine of €5 million relates to the way the companies handled the suspension, limitation and blocking of payment accounts. The authority said the problem started again with missing information that Revolut should have provided before the contract was signed.
Revolut also allegedly failed to communicate advance warnings before restrictions were imposed and did not provide any form of assistance. In the authority’s view, this amounted to a strong and improper influence over the decisions of consumers and micro-enterprises.
€1.5 million for the Italian IBAN switch
The authority added a further penalty of €1.5 million because the companies were not clear enough about the timing and requirements for obtaining an Italian IBAN instead of a Lithuanian IBAN.
Revolut’s response
Revolut responded in a statement that it “does not agree” with the Agcm’s conclusions and will appeal the decision. The company said the transition to Italian IBANs followed “rigorous local banking protocols” and added: “We are legally required to verify customer documentation and eligibility to ensure a safe, compliant and orderly transition to the local entity.”
The company also said the ruling “will have no impact” on its operations and that “the protection of our millions of customers is our absolute priority.”
