Italy fines Revolut over consumer code breaches

Italy’s contention authorization has issued penalties totalling much than €11m ($12.6m) against respective companies successful the Revolut group, citing unfair commercialized practices nether the Consumer Code.

Revolut Securities Europe UAB and Revolut Group Holdings received a €5m good for violating Articles 20, 21 and 22.

The watchdog said customers were not told clearly, astatine the earliest signifier of contact, astir other charges and restrictions linked to “commission-free” investing.

It besides referred to trading successful fractional shares, noting these tin disagree from afloat shares successful hazard profile, capitalist rights and transferability.

A further €5m good was imposed connected Revolut Group Holdings and Revolut Bank UAB.

The regulator recovered the firms’ attack to suspending, limiting oregon blocking outgo accounts to beryllium “aggressive”, portion cardinal accusation astir presumption and processes was missing oregon not presented clearly.

It said users did not person capable pre-contractual details, were not fixed beforehand informing earlier restrictions took effect, and were not offered an accidental to respond oregon capable enactment aft limits were applied.

The regulator added that restricted entree to funds and related services, sometimes for agelong periods, tin forestall customers from exercising contractual rights and covering day-to-day needs, including urgent expenses.

For this part, the contention authorization cited breaches of Articles 20, 21, 22, 24 and 25, adding the behaviour could improperly power decisions made by consumers and microenterprises.

Separately, Revolut Group Holdings and Revolut Bank UAB were fined €1.5m for failing to acceptable retired intelligibly the requirements and expected timing for obtaining an Italian IBAN (starting “IT”) alternatively of a Lithuanian IBAN (starting “LT”). The watchdog said these flouted Articles 20, 21 and 22.

"Italy fines Revolut implicit user codification breaches" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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