Italy Fines Trade Republic 2.5 Million Euros Over Ads
The Italian competition authority fined the German online broker for misleading consumers regarding its Saveback Programme. Regulators found that advertisements failed to clarify that the one percent reward required a savings plan subscription rather than being a traditional cashback scheme.
Italy's competition authority fined Trade Republic €2.5 million ($2.89 million) on Tuesday for allegedly providing misleading information in advertisements for its payment card. The regulator determined that the "1% makes the difference" campaign failed to clearly explain the conditions of its Saveback Programme. The fine follows a probe into whether the marketing led consumers to believe the card offered a traditional cashback scheme.
### Misleading Cashback Claims The Italian competition authority said Trade Republic failed to provide clear information about the Saveback Programme. Consumers were led to believe the card offered a traditional cashback scheme with partial account refunds on certain purchases.
