BUX fined for violating the inducements ban

On 11 March 2025, the Netherlands Authority for the Financial Markets (AFM) announced a €1.6 million fine against online brokerage BUX for breaching the inducements ban. The regulator determined that BUX’s referral fee programme—which compensated existing customers, comparison websites, and financial influencers for introducing new clients—constituted a violation of Dutch financial rules.

BUX CEO Yorick Naeff acknowledged the regulator’s decision while defending the company’s intentions. “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,” Naeff said. He reiterated the firm’s commitment to building an accessible investment platform and increasing retail participation in Europe.

The practice of paying referral fees was already discontinued in April 2023, well before the fine was issued. In its statement, BUX stressed that neither existing nor new customers were disadvantaged by the now-defunct programme.

The fine comes over a year after ABN AMRO announced its acquisition of BUX in December 2023. The bank was informed of the ongoing discussions between BUX and the AFM regarding the inducements violation at the time of the deal.

BUX’s mission is to make investing “accessible, intuitive and affordable for everyone” and to encourage retail investing across Europe by simplifying the trading experience.