The Gendarme of the Italian competition announced on Thursday the opening of an investigation into “the dishonest commercial practices” of the British Bank online Revolution, which promised its “complete cooperation.” The guaranteed authority of competition and market (AGCM) accuses British neobank of having published “deceptive messages” about their investment offers and having used “aggressive policies in the management of banking services,” according to a statement.
On Tuesday, AgCM officials, accompanied by members of the Financial Police, carried out “Inspections at the Italian branch of Revolution Bank Uab” located in Milan, he said. Revolution, which claims 3.4 million customers in Italy, has five million in France, its second market behind the United Kingdom, more than two million in Germany and more than 700,000 in Belgium.
Accounts suspended or blocked “aggressive”
In a statement, the bank said they took this investigation “very seriously” and undertook to contribute their “complete cooperation.” “Revolution remains completely committed to respecting the strictest standards in terms of customer compliance and protection in Italy and worldwide,” he added. Regarding investment offers, the Italian gendarme criticizes Revolution for having presented the possibility of buying shares without paying commissions, without clarifying the existence of other costs and limitations associated with commissions free investments.
With regard to cryptocurrency investments, “which are by nature highly risky”, “Revolution would not have clearly said that it is not possible to modify during the investment ‘Stop-Loss’ and ‘take from profit purposes’, instruments to manage the risks involved.” Finally, Revolution is criticized for omitting or provided with unclear methods of relevant information on the conditions and terms of suspension, limitation and blocking of the account. “
Therefore, the bank would have suspended or blocked the accounts in a “aggressive” way, without properly notifying its clients that, therefore, have been “prevented from accessing their funds” in violation of their contractual rights. This is not the first time that the Neobank has a point point to leave with the supervision authorities: Revolution, therefore, received a fine of 3.5 million euros in Lithuania in April in its money laundering control process.
Source: BFM TV
