The Netherlands Authority for the Financial Markets (AFM) announced that BUX has been fined €1,600,000 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.
BUX says it stopped paying referral fees in April 2023, months before banking giant ABN Amro agreed to buy the platform. The bank was aware of the AFM probe at the time.
Yorick Naeff – CEO of BUX: „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 attaches great value to the interests of its customers; existing and new customers have never been disadvantaged as a result of the referral fees.
ABN AMRO announced the acquisition of BUX in December 2023. The bank 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.
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BUX, part of ABN AMRO N.V., is one of Europe’s leading neo-brokers. BUX provides a versatile investment platform featuring stocks, ETFs, and ETCs, alongside pre-built and custom Investment Plans. With its intuitive mobile investment app, BUX makes investing easier and more affordable for everyone. By simplifying the trading experience, BUX is helping a new generation of investors build long-term wealth and achieve their financial goals. Headquartered in Amsterdam, BUX is currently available in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria, and Ireland.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
