Italy's Antitrust Authority Fines Revolut €11.5 Million Over Misleading Practices

Italy's AGCM fined several companies of the Revolut group a combined 11.5 million euros on April 2, 2026, for unfair commercial practices targeting Italian consumers, covering misleading investment advertising, aggressive account blocking, and opaque information about bank account transfers. The regulator divided the sanctions into three separate fines, each targeting distinct conduct by different Revolut subsidiaries. The authority concluded that Revolut had systematically failed to provide Italian customers with clear, comprehensive information at the point of first contact, including in promotional materials. Revolut announced it would appeal the decision, maintaining that its communications are clear and transparent and that it operates in compliance with Italian banking standards.

Zero-commission ads hid costs and share restrictions The largest single element of the penalty targeted Revolut's investment advertising. Revolut Securities Europe UAB and Revolut Group Holdings Ltd were each fined 5 million euros for failing to disclose additional costs and limitations attached to their commission-free investment products. The AGCM found that promotional messages promising investment "with 0% commission" obscured the reality that customers on the basic Standard plan — the majority of users — were entitled to only one commission-free transaction per month, with costs applying beyond that threshold. The regulator paid particular attention to fractional shares, which Revolut offered from as little as one euro. The AGCM stated that fractional shares differ significantly from whole shares in terms of investment risk, ownership rights, and transferability — they are not traded on regulated markets, do not grant voting rights, and cannot be moved to another platform. If a customer closes their account, those fractions must be sold at whatever market price prevails at the time. The authority concluded that information of such relevance should have been communicated from the very first advertising message, not relegated to secondary documents that are difficult to access.

11.5 (million euros) — total AGCM fines against Revolut group

Misleading investment advertising (Revolut Securities Europe UAB + Revolut Group Holdings Ltd): 5, Aggressive account blocking (Revolut Group Holdings Ltd + Revolut Bank UAB): 5, Opaque Italian IBAN information (Revolut Group Holdings Ltd + Revolut Bank UAB): 1.5

Account freezes lasted up to 100 days, internal records show A second fine of 5 million euros was imposed on Revolut Group Holdings Ltd and Revolut Bank UAB for aggressive practices in managing the suspension, limitation, and blocking of payment accounts. The AGCM investigation, which began the previous summer and included searches at Revolut's Italian branch, found that account freezes lasted on average between 51 and 100 days, with almost half lasting more than a month. In over 10,000 cases, Revolut had not respected its own internal timelines for resolving account restrictions. Internal communications obtained during inspections revealed admissions such as an analyst noting a "low-risk account blocked for high-risk" and another commenting on a poorly managed case that "I think we need an in-depth review of what is wrong with the procedure." Customers were often unaware of the reasons for a freeze, received generic responses from customer service, and frequently discovered the restriction only when a payment failed. The AGCM stated that preventing users from accessing their funds for prolonged periods limited their ability to exercise contractual rights and to meet daily needs, including the most urgent ones. The authority also found that Revolut provided insufficient pre-contractual information, no advance notification before restrictions were imposed, and inadequate assistance afterward.

Revolut was founded in July 2015 by Nik Storonsky and Vlad Yatsenko and is headquartered in London. The company holds a Lithuanian banking licence that allows it to offer a full suite of financial products across the European Union. The AGCM investigation into Revolut's Italian operations began the previous summer, when Italian authorities conducted searches at the company's Italian branch. The Central Bank of Lithuania had previously fined Revolut 3.5 million euros — described at the time as the largest fine ever applied by that supervisor — for failures in preventing money laundering.

UK banking licence secured as Italian legal battle begins The third and smallest fine, totalling 1.5 million euros, was levied against Revolut Group Holdings Ltd and Revolut Bank UAB for failing to provide clear and exhaustive information about the requirements and timeframe for obtaining an Italian IBAN in place of a Lithuanian one. Revolut's European banking licence is issued in Lithuania, meaning customers across the EU were initially assigned Lithuanian IBANs, which caused practical difficulties for Italian users paying rent, receiving salaries, or accessing public services that require a domestic account number. The AGCM found that Revolut did not adequately explain the eligibility criteria or the timeline for switching to an Italian IBAN. Revolut said it "strongly disagrees" with the findings and will appeal against the decision in Italian courts. „We are confident that our communications are clear and transparent. The protection of our millions of customers is our top priority. We operate in compliance with rigorous Italian banking standards.” — Revolut via ANSA The company reported approximately 70 million users as of the time of the ruling and secured a full UK banking licence in March 2026 after a three-year regulatory process, with the Financial Times previously reporting that the application had been delayed over concerns about risk controls and management of the company's fast-growing global operations.