Revolut fined €11M for unfair commercial practices
Summary
The Italian Competition Authority (AGCM) fined Revolut €11 million for unfair commercial practices under Articles 20, 21, 22, 24, and 25 of the Consumer Code. The fine breaks down into €5 million for misleading investment service disclosures, €5 million for aggressive payment account restriction practices, and €1.5 million for unclear IBAN requirement information. The violations affected consumers and microenterprises using Revolut's investment and banking services.
What changed
AGCM found Revolut Securities Europe UAB and Revolut Group Holdings Ltd violated Articles 20, 21, and 22 of the Consumer Code by failing to clearly disclose additional costs and limitations of commission-free investments, including fractional shares which differ significantly from full shares in terms of risks, rights, and transferability. Separately, Revolut Bank UAB and Revolut Group Holdings Ltd were found to have used aggressive practices in managing payment account suspensions, limitations, and blocks—failing to provide sufficient pre-contractual information, advance notice, opportunity to respond, or adequate assistance. The Authority also found violations for failing to provide clear information on obtaining Italian IBANs instead of Lithuanian IBANs.
Affected entities offering investment or banking services in Italy should audit their disclosure practices for cost transparency, pre-contractual information requirements, account restriction procedures, and IBAN migration information. Fintech and digital banking companies operating in Italy should review their practices against Consumer Code Articles 20-25 to ensure compliance with Italian consumer protection standards.
What to do next
- Review investment service disclosures for clarity on fractional share costs, limitations, and risks
- Audit payment account restriction procedures for pre-contractual information, advance notice, and response opportunities
- Verify Italian IBAN requirement and timeframe information is clear and exhaustive
Penalties
€11 million total: €5 million for investment service disclosure violations, €5 million for aggressive payment account restriction practices, €1.5 million for IBAN information violations
Source document (simplified)
PS12974 - The Italian Competition Authority fines Revolut over €11 million for unfair commercial practices
PRESS RELEASE
Revolut spread misleading information about its investment services and employed aggressive and misleading methods in the management of banking services.
The Italian Competition Authority has fined Revolut Securities Europe UAB, a company of the group which offers investment services in Europe, and Revolut Group Holdings Ltd over 11 million euro for engaging in unfair commercial practices. Specifically, the two companies were fined 5 million euro for breaching articles 20, 21 and 22 of the Consumer Code: they failed to clearly disclose, from the very first point of contact with clients, the additional costs and limitations involved in commission-free investments. These investments include fractional shares, which – when compared to full shares – involve significant differences, also in terms of risks, rights and transferability of shares.
The Authority also imposed a fine totalling 5 million euro on Revolut Group Holdings Ltd and Revolut Bank UAB, a company of the group offering banking services in Europe. It found that the companies had used aggressive practices in managing the suspension, limitation and blocking of payment accounts, while omitting (or failing to clearly provide) key information on the relevant terms and procedures. In particular, the companies did not provide clients with sufficient pre-contractual information, or advance notice before restrictions were imposed, nor did they provide an opportunity to respond or adequate assistance once restrictions had been imposed. Preventing users, sometimes for extended periods, from accessing funds and related services hinders their ability to exercise their contractual rights and meet everyday needs, including urgent ones. The Authority therefore found the conducts to be in breach of articles 20, 21, 22, 24 and 25 of the Consumer Code, in view of their potential to unduly influence the freedom of choice of consumers and microenterprises.
Lastly, the Authority imposed a further 1.5 million euro fine on Revolut Group Holdings Ltd and Revolut Bank UAB for not providing clear and exhaustive information on the requirements and timeframe for obtaining an Italian IBAN (starting with IT) instead of a Lithuanian IBAN (starting with LT), in breach of articles 20, 21 and 22 of the Consumer Code.
Rome, 2 April 2026
Named provisions
Related changes
Source
Classification
Who this affects
Taxonomy
Browse Categories
Get Consumer Protection alerts
Weekly digest. AI-summarized, no noise.
Free. Unsubscribe anytime.
Get alerts for this source
We'll email you when AGCM Competition Press Releases publishes new changes.