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Revolut Fined €11.5M in Italy Over Misleading Investment Ads
2 Apr
Summary
- Italy fined Revolut €11.5 million for misleading investment fee information.
- Advertisements about 0% commission and low-cost fractional shares were deceptive.
- Revolut will appeal the Italian regulator's decision, stating disagreement.
Italy has imposed a significant €11.5 million fine on Revolut due to misleading information provided to customers about investment product fees and terms. The Italian competition authority, AGCM, found that Revolut's advertisements claiming 0% commission and fractional share investments from as little as €1 were deceptive.
Revolut Securities Europe UAB and Revolut Group Holdings Ltd were each fined €5 million for failing to clearly communicate additional costs and features of their supposedly commission-free investments. An additional €1.5 million fine was issued for inadequate information regarding the requirements and timelines for obtaining Italian bank accounts.
The London-based fintech, which serves approximately 70 million users globally and operates with a Lithuanian banking license across the EU, has stated it strongly disagrees with the AGCM's findings and will appeal the decision in Italian courts.
