Revolut fined €11.5m in Italy for misleading investment advertising

Italy's antitrust regulator ruled April 2 that ads for British fintech Revolut with promises of zero commission and fractional share investments from €1 are misleading to users.

As a result, Revolut Group and its subsidiary Revolut Securities Europe, which provides investment services in Europe, have been fined €5 million each for failing to provide full and clear information on fees and characteristics of commission-free investments, the statement said. Additionally, the companies were fined €1.5 million for failing to provide clear information on the requirements and deadlines for obtaining an Italian international banking IBAN number.

The regulator also pointed to unfair account restrictions for some users and a lack of transparency in transferring customers from Lithuanian accounts to Italian accounts.

Revolut said it disagreed with the findings and intends to challenge the decision in court, the Financial Times reported.

This article was AI-translated and verified by a human editor