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Italy\u2019s competition authority has issued penalties totalling more than \u20ac11m ($12.6m) against several companies in the Revolut group, citing unfair commercial practices under the Consumer Code.<\/p>\n
Revolut Securities Europe UAB and Revolut Group Holdings received a \u20ac5m fine for violating Articles 20, 21 and 22.<\/p>\n
The watchdog said customers were not told clearly, at the earliest stage of contact, about extra charges and restrictions linked to \u201ccommission-free\u201d investing.<\/p>\n
It also referred to trading in fractional shares, noting these can differ from full shares in risk profile, investor rights and transferability.<\/p>\n
A further \u20ac5m fine was imposed on Revolut Group Holdings and Revolut Bank UAB.<\/p>\n
The regulator found the firms\u2019 approach to suspending, limiting or blocking payment accounts to be \u201caggressive\u201d, while key information about terms and processes was missing or not presented clearly.<\/p>\n
It said users did not receive adequate pre-contractual details, were not given advance warning before restrictions took effect, and were not offered an opportunity to respond or sufficient support after limits were applied.<\/p>\n
The regulator added that restricted access to funds and related services, sometimes for long periods, can prevent customers from exercising contractual rights and covering day-to-day needs, including urgent expenses.<\/p>\n
For this part, the competition authority cited breaches of Articles 20, 21, 22, 24 and 25, adding the conduct could improperly influence decisions made by consumers and microenterprises.<\/p>\n
Separately, Revolut Group Holdings and Revolut Bank UAB were fined \u20ac1.5m for failing to set out clearly the requirements and expected timing for obtaining an Italian IBAN (starting \u201cIT\u201d) instead of a Lithuanian IBAN (starting \u201cLT\u201d). The watchdog said these flouted Articles 20, 21 and 22.<\/p>\n
“Italy fines Revolut over consumer code breaches” was originally created and published by Retail Banker International<\/a>, a GlobalData owned brand.<\/p>\n \u00a0<\/p>\n
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