The Netherlands Authority for the Financial Markets (AFM) has fined the European neo-broker BUX €1,600,000 for violating the inducements ban. The fine stems from BUX's practice of paying compensations to existing customers, comparison websites, and finfluencers for introducing new customers. According to the AFM, this method of paying referral fees violated the ban on inducements.

Recently, BUX became the first pan-European partner to adopt PrimaryBid’s capital markets platform. This move allows retail investors in Belgium and the Netherlands to access initial public offerings (IPOs) and regulated fundraises, opportunities previously available only to institutional investors.

AFM Fines BUX, CEO Emphasizes Transparency

"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," Yorick Naeff, CEO of BUX, commented.

In April 2023, BUX ceased paying these referral fees. The company asserts that it values the interests of its customers and that neither existing nor new customers were disadvantaged by these payments.

In December 2023, ABN AMRO announced its acquisition of BUX. The bank was aware of ongoing discussions between BUX and the AFM regarding the violations at the time of the acquisition.