Revolut says it will appeal the decision in court, with the firm telling Reuters in a statement: “We remain confident that our communications are clear and transparent. Protecting our millions of customers is our absolute priority.”
The regulator fined Revolut Securities Europe UAB and Revolut Group Holdings €5 million for failing “to clearly disclose, from the very first point of contact with clients, the additional costs and limitations involved in commission-free investments”.
The two unite were hit with another €5 million penalty for “aggressive practices in managing the suspension, limitation and blocking of payment accounts, while omitting (or failing to clearly provide) key information on the relevant terms and procedures”.
Finally, the $75 billion fintech giant faces a €1.5 million fine for not providing “clear and exhaustive” information on the requirements and timeframe for obtaining an Italian IBAN instead of a Lithuanian IBAN.
Read more: https://www.finextra.com/newsarticle/47532/italy-fines-revolut-115m
