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Sberbank will cancel sales of complex products to unqualified investors

MOSCOW, Dec 25 – PRIME. Sberbank decided to stop selling complex investment instruments to unqualified investors in Russia after the recommendation of the Central Bank, said the head of the credit institution German Gref. Why are newcomers to the market “bred” into complex products? In mid-December, the Bank of Russia published a letter recommending credit institutions and professional participants in the securities market not to sell complex investment products to unqualified investors until the introduction of mandatory testing for the right to purchase them. Such testing should begin on October 1, 2021, the head of the Central Bank Elvira Nabiullina said earlier. “They made such a soft decision, in the form of a recommendation. But, nevertheless, we also make a decision that we will stop selling all the instruments that fell under the regulator’s recommendation,” Gref said in an interview with the Russia 24 TV channel. Earlier, Sberbank told RIA Novosti that the bank supports the initiative of the Central Bank of the Russian Federation to increase the awareness of investors about all the risks when selling them structured products, while it itself does not offer products without capital protection to unqualified investors.

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