Italy Fines Revolut €11.5 Million for Misleading Practices

On April 2, 2026, Italy's competition authority imposed a fine of €11.5 million (approximately $13.25 million) on the Revolut group for alleged unfair commercial practices. The regulator accused the European fintech company of making misleading statements regarding its investment services and employing aggressive tactics in managing its banking services. The fine was distributed among Revolut Securities Europe UAB and Revolut Group Holdings Ltd, with each entity facing penalties for various infractions.

Revolut slapped with eight-figure fine in Italy for misleading usersReutersFinextra

The Italian regulator levied a €5 million fine on each of the two companies for failing to provide clear and comprehensive information about additional costs and limitations associated with commission-free investments. Furthermore, they were fined an additional €5 million for "aggressive practices" related to the suspension, limitation, and blocking of payment accounts, which included omitting or inadequately communicating essential information regarding these processes. Lastly, a €1.5 million fine was imposed for not clearly explaining the requirements and timeframe for customers transitioning from Lithuanian bank accounts to Italian accounts.

Revolut slapped with eight-figure fine in Italy for misleading users

Revolut has publicly disagreed with the findings of the Italian competition authority and announced plans to appeal the decision in Italian courts. A spokesperson for the company emphasized that the ruling would not affect its operations or financial standing, asserting, "We remain confident that our communications are clear and transparent. Protecting our millions of customers is our absolute priority." The spokesperson also noted that the transition to Italian bank accounts was conducted in accordance with local banking protocols, which necessitate thorough customer documentation verification.

Reuters

Revolut, headquartered in London, operates under a Lithuanian license and is supervised by the European and Lithuanian central banks. The company has faced regulatory scrutiny in the past, including a €3.5 million fine from the Bank of Lithuania in 2022 for deficiencies in its anti-money laundering controls. This latest fine comes shortly after Revolut secured a full banking license in the UK, following a lengthy process marked by regulatory challenges.

Revolut slapped with eight-figure fine in Italy for misleading users

Critics of Revolut's practices have pointed to the company's history of regulatory issues, raising concerns about its compliance with consumer protection laws. The Italian competition authority's findings highlight ongoing challenges in ensuring that fintech companies provide transparent and accurate information to their customers.

Reuters

• “We remain confident that our communications are clear and transparent. Protecting our millions of customers is our absolute priority.” — Revolut Spokesperson

Finextra

• “Says a Revolut spokesperson: “The transition to Italian IBANs followed rigorous local banking protocols.” — Revolut Spokesperson

Finextra

• “[Revolut] did not provide clients with sufficient pre-contractual information, or advance notice before restrictions were imposed, nor did they provide an opportunity to respond or adequate assistance once restrictions had been imposed,” — Italian Competition Authority

Revolut slapped with eight-figure fine in Italy for misleading users

Revolut's appeal against the fine will be closely monitored, as it may set a precedent for how fintech companies are regulated in Italy and across Europe. The outcome could influence future compliance measures and consumer protection standards within the rapidly evolving financial technology sector.

Revolut slapped with eight-figure fine in Italy for misleading users