Italy fines German online broker Trade Republic €2.5 million for misleading ads

ROME, June 9 (Reuters) - Italy's competition authority said on Tuesday it had fined German online broker Trade Republic €2.5 million ($2.89 million) for allegedly misleading information in advertising for its payment card.

• The company promoted its payment card by offering purchasers access to a "Saveback Programme," the authority said.

• This programme was promoted through an advertising campaign carrying the slogan "1% makes the difference."

• According to the authority, a lack of clear information about the program could have led consumers to believe that purchasing the card would give them access to a traditional cashback scheme.

• Consumers may therefore have been misled into thinking they would receive a partial refund on their account for certain card purchases.

• The authority said the promotion instead consisted of an offer to subscribe to a savings plan, under specific conditions.

• Only after joining the plan would Trade Republic contribute an amount equal to 1% of the value of certain purchases made with the payments card.

• Reuters has requested a comment from Trade Republic.

($1 = 0.8654 euros)

(Reporting by Mirko Miorelli, editing by Gavin Jones)