The Bank of Russia will form an Expert council for retail investor protection, the Central Bank informed.
The mission of the Council is to give market participants recommendations on protecting the rights of retail investors and prepare proposals for the development of retail investment regulation.
"The number of retail investors in the financial market is growing steadily, as is the number of investment products offered to them, they are getting more complicated and retail investors are not always aware of the specifics and risks pertinent to them," Mikhail Mamuta, Head of the Service for Consumer Protection and Financial Inclusion of the Bank of Russia, was quoted as saying in the statement. "Therefore, we expect that the new Expert Council focusing precisely on these issues will help us detect problems which novice investors face and give recommendations how to solve them and protect consumer rights."
