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Investing.com -- Italy’s competition authority (AGCM) has opened an investigation into certain units of British financial technology company Revolut for alleged unfair commercial practices related to its investment and banking services, the watchdog announced Thursday.
According to AGCM, Revolut allegedly misled users by promoting share investments with emphasis on the absence of commissions while failing to properly disclose additional costs and limitations associated with these services.
Revolut stated it is fully cooperating with the Italian competition authority but cannot comment on specific details due to the ongoing nature of the probe.
"We take AGCM enquiries very seriously," the fintech company said, adding that "Revolut remains fully committed to upholding the highest standards of compliance and customer protection in Italy and across the globe."
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