TITLE: Italy's Antitrust Authority Fines Trade Republic Bank for Misleading Payment Card Marketing BODY: On June 9, 2026, the Antitrust Authority (Autorità Garante della Concorrenza e del Mercato) imposed a €2.5 million fine on Trade Republic Bank GmbH for engaging in unfair commercial practices related to its payment card and savings programme. The authority found that Trade Republic omitted or presented essential information in a misleading manner concerning its payment card and "Saveback Programme," which was the subject of a widespread advertising campaign featuring the message "1% makes the difference." The authority determined that due to informational deficiencies and inadequacies regarding the nature and limitations of the Saveback Programme, consumers could be incorrectly led to believe that purchasing the Trade Republic Card provided access to a traditional cashback incentive system, whereby cardholders would receive partial reimbursement of certain expenses incurred using the card. In reality, the promotion constitutes a proposal to subscribe to an accumulation plan under specific conditions. Only upon acceptance of this proposal will Trade Republic deposit into the plan an amount equal to 1 percent of the value of certain purchases made using the Trade Republic Card. The authority's decision reflects concerns that the marketing campaign's messaging and presentation created a material risk of consumer confusion regarding the actual nature and mechanics of the savings programme, thereby constituting a breach of unfair commercial practice regulations. The fine represents enforcement action against misleading financial product marketing in the Italian market and underscores the Antitrust Authority's commitment to protecting consumers from deceptive promotional claims in the fintech sector.

AGCM - PS12985 - Sanzione di 2,5 milioni di euro a Trade Republic per pratica commerciale scorretta

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