MOSCOW, February 1. /TASS/. Russian President Vladimir Putin demanded that the interests of citizens who invest in securities be protected, to avoid a new version of the "defrauded homebuyers" situation.

Speaking at a meeting on the situation in the banking sector, the head of state noted that now, along with lending rates, deposit rates are also decreasing, and, "therefore, other forms of financial investments are developing, including purchase of securities."

"This is by definition more risky than bank deposits. It is necessary to protect the interests of people who invest on the stock market, while not being professional investors. We need to take care of reducing their risks. A second version of defrauded homebuyers is the last thing we need!" he said.

Earlier, the Bank of Russia also took note of the risks associated with the transfer of savings from deposits to the stock market. In particular, the regulator drew attention to an increase in the number of unfair practices due to the complexity of the offered products.

According to the Bank of Russia, in the first nine months of 2020, the growth of individuals' investments in stocks and bonds exceeded the growth of bank deposits of citizens.

The regulator noted that the change in the savings behavior of the population amid lower interest rates was a natural process that can become a driver for the development of the securities market. However, it is necessary to take into account possible risks associated with the fast flow of funds to the stock market.

In January, the Finance Ministry supported a temporary ban on the sale of complex financial instruments to unqualified investors.

The bill prohibiting the sale of complex financial instruments to inexperienced investors prior to testing their knowledge of such products was submitted to the State Duma, lower house of parliament, on January 21. According to the document, the start of mandatory testing of investors will be shifted from April 1, 2022 to October 1, 2021.

In January, Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets, told TASS, that the Russian government may adopt the law on testing for unqualified investors already in February.