The Netherlands Authority for the Financial Markets (AFM) has announced that neobroker BUX has been fined €1.6 million for violating the inducements ban.

In the past, BUX has paid compensations to existing customers, comparison websites and finfluencers for introducing new customers. In the opinion of the AFM, the manner in which this was done violated the inducements ban.

Yorick Naeff, CEO of BUX said,

“At BUX, transparency and the interests of our customers always come first. While we respect the AFM’s position, we want to emphasise that the referral fees we have paid in the past came out of our own pocket and have never been at the expense of our customers. Our focus remains on building an accessible and intuitive investment platform, as we continue striving to increase retail participation in Europe.”

Since April 2023, BUX has stopped paying these referral fees. BUX said it attaches great value to the interests of its customers. Existing and new customers have never been disadvantaged as a result of the referral fees.

Dutch banking concern ABN AMRO acquired BUX in mid 2024. The bank said it was aware of the discussions between BUX and the AFM about the observed violations at the time of the acquisition.

BUX’s mission is to make investing accessible, intuitive and affordable for everyone. Part of its mission is to increase retail participation in Europe by providing customers with a seamless experience that makes investing an easy habit.