Account locks and no information? Revolut has something to explain
Revolut under the magnifying glass of the Italian antitrust office. In the background, allegations of misleading customers and a possible penalty of up to EUR 10 million.
The Italian Competition Office (Authorità GARANTE DELLA Concorrenza E del Mercato) began proceedings against Revolut. The regulator suspects that fintech could apply unfair practices towards users of their investment services. The investigation concerns primarily a lack of transparency in informing customers about costs and investment restrictions.
Investments without commission?
According to Reuters, the main accusation is Revolut suggesting that he offers investments without commission. Although formally the platform did not charge a commission, according to the Italian authorities it used other transaction fees, which it did not inform sufficiently. Thus, users could be misleaded as to the actual costs.
Another complaint concerns insufficient information about the possibilities of subsequent sale of purchased shares and investments in cryptocurrencies. Users were not aware of the restrictions that influenced their investment management. In some cases, this resulted in a lack of access to accounts and financial resources for a long time.
The Italian office also indicates cases of suspension of accounts without explaining the reasons. Such activities could hinder customers to use Revolut services and even completely block access to money.
Revolut statement
Revolut assures that he fully cooperates with the Italian authorities and takes the matter very seriously. In a statement cited by the TELEPOLIS portal, the company declared that it would take all actions to clarify the reported irregularities. In the statement, fintech emphasizes his commitment to maintaining the highest standards of customer protection both in Italy and around the world.
According to Italian law, Revolut may face a financial penalty of EUR 5,000 to even 10 million euros for possible deficiencies. Considering the company’s valuation at the level of $ 45 billion, this will not significantly affect its development plans, but may weaken customer trust.
