Italy fines Revolut more than €11.5 million, highlighting rising regulatory pressure on fintech across Europe
⚖️ Italy’s competition authority has fined Revolut more than €11.5 million over practices it considers insufficiently transparent in financial advertising and services. The focus is on how the platform communicated information to users, especially around investment products and payment accounts.
📉 The most notable issue was the promotion of “commission-free investing” without clearly disclosing hidden costs, limitations, and the differences between fractional shares and regular stocks. At the same time, the way some accounts were suspended or blocked was seen as overly aggressive, leaving certain customers unable to access their funds for extended periods.
🏦 Italy also challenged Revolut over the lack of clear information on the transition from Lithuanian IBANs to Italian IBANs. Revolut said it disagrees with the decision, will appeal, and does not expect any impact on its operations or financial position, but the case still signals that transparency standards for fintech are becoming increasingly strict.