Italy’s competition and consumer protection authority has imposed a total fine of €11.5 million on multiple entities within the Revolut fintech group, citing a series of unfair commercial practices that allegedly misled users and restricted their access to essential financial services. The Autorità Garante della Concorrenza e del Mercato (AGCM) split the penalty across three distinct violations.
It levied €5 million jointly on Revolut Securities Europe UAB and Revolut Group Holdings Ltd for shortcomings in how the company presented its investment offerings.
Another €5 million was directed at Revolut Group Holdings Ltd and Revolut Bank UAB for problematic handling of payment accounts.
A further €1.5 million targeted the same two banking entities for inadequate disclosure around the switch to local Italian banking identifiers.
According to the regulator, the investment-related infractions centered on unclear messaging about “commission-free” trading.
From the very first interaction with potential clients, the companies failed to spell out extra charges and usage caps that could apply.
Customers were also not properly informed about key differences when buying fractional shares instead of whole ones — differences that affect risk levels, shareholder rights, and the ability to transfer holdings.
These gaps, the authority ruled, violated core transparency rules under Italy’s Consumer Code (Articles 20, 21, and 22), distorting consumer decision-making.
On the banking side, the watchdog highlighted what it described as aggressive tactics when suspending, limiting, or blocking accounts.
Clients reportedly received insufficient advance notice, little or no opportunity to respond, and inadequate support once restrictions took effect.
The authority said these actions left users unable to access their funds or everyday services for prolonged periods, placing undue pressure on both ordinary consumers and small businesses and infringing Articles 24 and 25 of the Consumer Code in addition to the general unfair-practice provisions.
The third violation concerned the transition from Lithuanian to Italian IBANs. Revolut customers using accounts prefixed “LT” were not given clear, comprehensive details about the conditions or expected timeline for obtaining an Italian “IT” account, leaving many uncertain about their options.
A Revolut spokesperson responded firmly, stating the group “strongly disagrees” with the findings and intends to challenge the decision in Italian courts.
The company insisted the ruling would have “no impact on our operations or financial position” and reaffirmed that protecting its millions of customers remains its top priority.
It added that all communications are designed to be clear and transparent, that account reviews are mandatory safeguards required by banking regulations, and that the IBAN migration followed strict local protocols.
Revolut, a London-headquartered fintech, provides banking and investment services across the European Union under a Lithuanian license and is supervised by both the European Central Bank and Lithuania’s central bank.
While it must still comply with Italy’s domestic banking standards, the authority’s action underscores growing scrutiny of cross-border digital finance platforms operating in the Italian market.
The decision serves as a reminder that even fast-growing fintech players must meet rigorous local standards on transparency and consumer treatment, regardless of their EU-wide licensing arrangements. Appeals are expected to test the boundary between necessary compliance checks and overly restrictive commercial practices.