Italy probes Revolut over alleged client misleading tactics

Revolut Faces Italian Probe Over “Misleading” Investment Ads

The Competition and Market Authority (ACGM) has opened an investigation into UK online bank Revolut after it allegedly sent customers “misleading” messages about its investment services. The watchdog also accused the bank of using “aggressive” methods for handling banking accounts.

Key Allegations

• No‑commissions policy – Revolut promoted a no‑commission claim but omitted that additional costs and investment limits apply.
• Crypto disclosures – The bank failed to clarify that clients could not adjust stop‑loss or take‑profit settings, thereby limiting risk management.
• Suspension or blocking terms – Revolut allegedly omitted or inadequately explained the conditions for suspending or blocking accounts, giving customers no adequate notice or assistance and resulting in long periods without access to funds.

Revolut’s Response

Revolut, which has 3.4 million clients in Italy, said it would cooperate with the investigation and reaffirmed its commitment to the highest standards of compliance and customer protection worldwide.

Background

Launched in 2015 and operating under a Lithuanian licence, Revolut aims to compete with European banking giants. Its rapid growth has drawn criticism in recent years over its ability to comply with financial regulations. In April, the bank was fined €3.5 million by Lithuania for failures in its anti‑money‑laundering control policies.