BUX has been fined €1.6M by AFM for violating the inducements ban by compensating customers, influencers, and websites for referrals.
BUX has been fined €1.6M by AFM for violating the inducements ban by compensating customers, influencers, and websites for referrals.
The Netherlands Authority for the Financial Markets (AFM) has fined neobroker BUX €1.6M for inducements ban violations. According to the regulator, BUX compensated existing customers, comparison websites, and financial influencers for referring new clients, a practice that AFM believes went against the rules. The company, however, insists that these payments never negatively impacted its customers.
Yorick Naeff, CEO of BUX, reaffirmed the company’s commitment to transparency and customer interests. He acknowledged the AFM’s position but emphasized, “The referral fees came solely from BUX’s funds and never at the expense of customers.” While addressing the issue, he reiterated, “Our mission is to create an accessible and user-friendly investment platform that encourages retail participation in Europe.”
In response to regulatory concerns, BUX stopped making referral payments in April 2023. The company maintained that it highly values customer interests and ensured that neither new nor existing clients were ever disadvantaged by these incentives.
By discontinuing these payments, BUX aligned its practices with regulatory expectations while continuing to prioritize its mission of simplifying investing. The issue came to light amid BUX’s acquisition by Dutch banking giant ABN AMRO in mid-2024. The bank confirmed that it was aware of the discussions between BUX and the AFM regarding the observed violations before finalizing the acquisition.
Despite this, ABN AMRO proceeded with the deal, recognizing BUX’s potential to expand its presence in the retail investment market. BUX has positioned itself as a leading platform aimed at making investing more accessible, intuitive, and cost-effective. By leveraging technology, it seeks to simplify the investment process and attract a broader audience.
The company remains focused on providing users with a seamless experience that enables them to make investing a regular habit. Even as it navigates regulatory challenges, BUX continues to prioritize customer needs, ensuring that investment opportunities remain straightforward and transparent. With its recent acquisition, the company now operates under the umbrella of ABN AMRO, further strengthening its ability to serve retail investors across Europe.
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