Revolut fined €11M for unfair commercial practices

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

Text of the decision