Revolut Fined Over Misleading Practices in Italy
Revolut has been fined by European authorities. The fines total 11 million euros. The company says it will appeal the decisions.
The French antitrust authorities and Italy’s AGCM have both taken action against Revolut. They accused Revolut of misleading investors about investment products. Specifically, the company is accused of hiding commission costs. Revolut claims it is being unfairly penalized and intends to challenge the fines.
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Highlights
Revolut Fined by France
The French antitrust authorities fined Revolut 11 million euros.
Italy Fines Revolut
Italy’s AGCM fined Revolut over 11 million euros.
Misleading Advertising Accusations
Revolut was accused of using deceptive advertising about investment services.
Hidden Commission Costs
The company hid commission costs from customers.
Revolut Plans to Appeal
Both France and Italy, Revolut plans to appeal the decisions.