The Dutch Authority for the Financial Markets published a decision imposing a EUR 1.6 million fine on online broker BUX B.V. for breaching the commission ban by paying remuneration to finfluencers, comparison websites and existing customers to bring in new clients. The AFM considers such referral payments prohibited because they are not aligned with the interests of prospective clients. BUX, an execution-only investment firm, used an affiliate programme and a “friends” programme under which introducers were paid for referring potential new customers. In particular, finfluencers were remunerated per follower who took steps in the sign-up process for opening an investment account, creating a financial incentive to maximise referrals. The AFM noted it had previously explicitly warned investment firms that the commission ban also applies to rewards paid to finfluencers, and stated that BUX ended the last infringement on 21 April 2023. The AFM indicated that the press release does not state whether an objection or appeal has been lodged against the measure.
Dutch Authority for the Financial Markets 2025-03-12
Dutch Authority for the Financial Markets fines BUX EUR 1.6m for paying finfluencer and affiliate referral fees in breach of the commission ban
The Dutch Authority for the Financial Markets fined BUX B.V. EUR 1.6 million for violating the commission ban by remunerating finfluencers to attract clients. The AFM noted such payments conflict with clients' interests and had warned firms about this prohibition. BUX ceased the infringement on 21 April 2023, but the AFM did not disclose if an objection or appeal has been filed.