Italy’s competition authority, AGCM, has imposed a combined fine of EUR 11.5 million on several entities within the Revolut group for alleged unfair commercial practices. The investigation targeted misleading statements about investment services and aggressive actions related to managing customer banking accounts.

Revolut maintains that it does not agree with these findings and plans to appeal the decision through Italian courts.

The fines have been distributed across three main categories. Revolut Securities Europe UAB and Revolut Group Holdings each received a EUR 5 million penalty for insufficient disclosure of additional costs and limitations linked to commission-free investment products.

An additional EUR 5 million was levied for aggressive account management practices, including suspending, limiting, or blocking payment accounts without adequately informing customers about relevant terms and procedures. Another EUR 1.5 million fine was imposed for failing to explain the conditions and timeframes required for migrating from Lithuanian to Italian bank account numbers.

Details of Misleading Information and Regulatory Context

According to AGCM, Revolut’s promotion of zero-commission investment products did not fully disclose that these involved fractional shares, which differ from whole shares in terms of voting rights, risk levels, and transferability. The authority also highlighted that customers were not informed about the inability to modify certain risk management settings during active investments in crypto assets.

Revolut operates under a Lithuanian banking license granted by the European and Lithuanian central banks. A spokesperson for Revolut asserted that its communications are clear and transparent, asserting that the fine would not affect their operations or financial standing. This decision came after Revolut had secured its full UK banking license in March 2026, following a four-year regulatory process. Additionally, it announced receipt of an organization license to operate as a bank in Peru from the Superintendence of Banking, Insurance, and AFP, positioning them closer to achieving fully operational banking status.