The Netherlands Authority for the Financial Markets (AFM) has imposed a fine of €1.6m on neo-broker BUX for breaches related to the inducements ban.
According to Finance Magnates, this fine is linked to BUX’s past practices of compensating existing customers, comparison websites, and financial influencers (finfluencers) for new customer referrals, which according to the AFM, violated regulatory inducement prohibitions.
BUX, now under the umbrella of ABN AMRO following its acquisition in December 2023, had ceased these referral payments in April 2023. Yorick Naeff, CEO of BUX, stated, “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.”
Despite the controversies, BUX continues to innovate, becoming the first pan-European partner to implement PrimaryBid’s capital markets platform. This collaboration will enable retail investors in Belgium and the Netherlands to participate in initial public offerings (IPOs) and regulated fundraises, previously exclusive to institutional investors.
Additionally, BUX Financial Services, part of the BUX family, has been acquired by Asseta Holding, the parent company of UAE-based APM Capital. This acquisition follows the ABN AMRO deal and involves BUX’s UK operations, which were regulated by the Financial Conduct Authority (FCA) under the BUX Markets brand, known for offering contracts for differences (CFDs) and financial spread betting services.
The divestment of BUX Markets was part of a strategic move, anticipated since last year when BUX announced plans to sell this business unit. According to CEO Naeff, this sale marks the divestment of the remaining regulated subsidiaries, retaining only the Cyprus-based entity.
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