The Italian Competition Authority (AGCM) has opened an investigation into several companies within the Revolut Group—Revolut Group Holdings Ltd, Revolut Bank UAB, and Revolut Securities Europe UAB—over suspected unfair commercial practices relating to their investment and banking services.
According to the AGCM, Revolut allegedly misled consumers with promotional messaging that emphasized “zero commission” investment opportunities without sufficiently disclosing the true costs and limitations involved. The company is also accused of omitting key details, such as the fact that many of its commission-free offerings involve fractional shares, which differ significantly from full shares in terms of voting rights and transferability.
In addition, the Authority raised concerns about cryptocurrency investment features on Revolut’s platform. Specifically, users were reportedly not informed that stop-loss and take-profit settings—important tools for risk management—could not be adjusted after a trade was placed.
The AGCM also criticized Revolut’s practices in the banking services area, citing unclear or incomplete information about how and under what conditions accounts could be suspended, limited, or blocked. The Authority claims the company used aggressive methods, often suspending accounts without sufficient notice and failing to provide customers with accessible support channels. In some cases, this allegedly left users unable to access their funds or banking services for extended periods, undermining their ability to exercise contractual rights.
Another issue flagged by the Authority involves the lack of transparency regarding IBAN issuance. Revolut is accused of failing to clearly explain the requirements for obtaining an Italian IBAN (starting with IT) instead of a Lithuanian one (LT), an issue that may affect how consumers use the account for local payments or direct deposits.
On Tuesday, July 8, officials from the AGCM, supported by Italy’s Special Antitrust Unit of the Guardia di Finanza, conducted inspections at the Italian branch of Revolut Bank UAB as part of the ongoing investigation.
The case highlights growing regulatory scrutiny over the practices of fintech platforms, especially as they expand into traditional banking and investment services. Revolut, which has positioned itself as a disruptive alternative to conventional banks, now faces pressure to demonstrate full compliance with consumer protection laws in one of Europe’s largest markets.
Revolut has not yet issued a public response to the investigation.
