Italy probes Revolut over alleged unfair practices in investment services
Italy’s competition authority (AGCM) has launched an investigation into British fintech giant Revolut, focusing on allegations of unfair commercial practices related to its investment and banking services. The watchdog claims Revolut misled users by promoting zero-commission investments without clearly disclosing additional costs and limitations.
According to AGCM, Revolut failed to inform customers that its zero-fee products involve fractional shares, which differ significantly from whole stocks in voting and transfer rights. The regulator also highlighted that Revolut did not clearly warn crypto asset investors that stop-loss and take-profit settings—tools typically used to manage investment risks—could not be modified.
AGCM further accused Revolut of adopting an aggressive stance by suspending and blocking financial accounts without sufficient notice or assistance, restricting customer access to cash and related services for prolonged periods.
Inspections were carried out at Revolut Bank UAB’s Italian offices by AGCM and Italy’s finance police. Revolut said it is fully cooperating with the probe and remains committed to compliance and customer protection but declined to comment on specific details as the investigation is ongoing.
Revolut, valued at $45 billion last year, is one of the most successful European digital-only fintechs. The company aims to expand into mortgages and consumer lending to compete with traditional banks and grow its presence in the U.S.
Under Italian law, violations of consumer rights can result in fines ranging from €5,000 to €10 million.