Italy’s competition and consumer protection authority imposed fines totaling 11.5 million Euros on multiple organizations in this context. rebel The fintech group cited a number of unfair business practices that allegedly misled users and restricted their access to basic information. financial services. Competition and Market Guarantor Authority (AGCM) Split the penalty across three different violations.
Revolut Securities Europe UAB and Revolut Group Holdings Ltd were jointly charged €5 million in taxes due to deficiencies in the way the company was presented. investment offers.
A further €5 million was directed to Revolut Group Holdings Ltd and Revolut Bank UAB due to problematic management of payment accounts.
Another €1.5 million targeted same two banking institutions for inadequate explanation of switch to local Italian banking banking identifiers.
According to the regulator, investment-related violations focused on vague messages about “commission-free” trading.
From the first interaction with potential customers, companies failed to indicate any extra fees and usage limits that may apply.
Clients were also not properly informed of the key differences when purchasing fractional shares rather than whole shares (differences affecting risk levels, shareholder rights and the ability to transfer shares).
According to the authority, these loopholes distorted the consumer decision-making process by violating the basic transparency rules under the Italian Consumer Code (Articles 20, 21 and 22).
on banking The watchdog highlighted what it described as aggressive tactics when suspending, limiting or blocking accounts.
Customers reportedly received insufficient advance notice, little or no opportunity to respond, and inadequate support once restrictions came into force.
These actions leave users unable to access their funds or daily services for long periods of time, putting undue pressure on ordinary consumers and small businesses alike, and violate Articles 24 and 25 of the Consumer Code, in addition to general unfair practice provisions, the authority said.
The third violation involved the switch from Lithuanian IBANs to Italian IBANs. rebel Customers using accounts with the “LT” prefix were not given clear and comprehensive details about the conditions or expected timeline for obtaining an Italian “BT” account, leaving many people uncertain about their options.
A. rebel The spokesman responded firmly, stating that the group “strongly disagrees” with the findings and plans to challenge the decision in the Italian courts.
The company insisted the decision would have “no impact on our operations or financial condition” and confirmed that protecting its millions of customers remains its top priority.
He added that all communications are designed to be open and transparent, account reviews are mandatory measures required by banking regulations, and IBAN migration is subject to strict local protocols.
Revolution, one Londonbased fintech provides banking and investment services across the European Union under a Lithuanian license and is regulated by both the European Central Bank and Lithuania’s central bank.
Although it still has to comply with Italy’s local rules banking This action by the authority underlines the increasing scrutiny of cross-border digital finance platforms operating in the Italian market, according to standards.
decision reminds you that you are growing fast fintech Players are required to meet strict local standards on transparency and consumer treatment, regardless of EU-wide licensing regulations. Objections are expected to test the boundary between what is necessary. compatibility controls and overly restrictive business practices.
