The Central Bank sent a letter to brokers and depositories, in which it warned about the inadmissibility of protective commissions for securities withdrawal. This was reported by RBC Investments in the press service of the regulator.
As revealed by the Bank of Russia, some brokers and their depositories set high fees for the transfer of securities to other financial institutions. This is done in order to retain customers.
For example, such a trend was found among non-sanctioned brokers who do not want to lose clients who have switched from investment companies that have fallen under restrictions.
For example, when the US imposed blocking sanctions on VTB, Sberbank, Alfa-Bank and Otkritie in the spring of 2022, brokers had to transfer clients’ assets to accounts on deposit with other participants.
As indicated by the Central Bank, sometimes the cost of transferring securities even exceeds the market value of the investment portfolio. At the same time, the regulator notes a low number of complaints for this situation, so the Central Bank manages to process the requests at an early stage.
At the same time, the Central Bank recommends that financial entities do not create obstacles for clients who go to other brokerage firms. Even if clients were forced to transfer assets to another repository due to sanctions. Brokers should set the lowest possible rates, the regulator emphasizes.
Author:
Natalia Gormaleva
Source: RB
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