Please kindly note that the Cyprus Securities and Exchange Commission (the ‘CySEC’) does not have restitution powers and therefore does not investigate individual complaints. However all complaints submitted to the CySEC are taken into consideration by the CySEC in the performance of its supervisory mandate.
If you are unhappy with a financial product or service provided to you by a Cyprus Investment Firm (a ‘CIF’), follow the following three steps for making a complaint.
Step 1: Contact the CIF directly
If you have a complaint, it is best to first ask the CIF involved to put things right.
The CIF will give you a unique reference number (only for complaints submitted to CIF after 1.1.2016). This unique number reference will be used for all future communication you will have with the Financial Ombudsman and/or with CySEC regarding your complaint.
CIF’s are required to respond in writing within five days just to let you know they have received your complaint.
CIF’s are also required to respond to your complaint in writing within two months, telling you whether the complaint has been successfully resolved or why they need more time to look into it (within maximum three months from the day of the complaint).
Step 2: Contact the Financial Ombudsman
If you are not satisfied with the firm’s response, they rejected your complaint or you do not have answer from them within three months, it is recommended that you check with the office of the Financial Ombudsman in case you are eligible to file a complaint with them and seek mediation for possible compensation.
The Financial Ombudsman is an independent service for settling disputes between CIF’s and their clients.
It is important to contact the Financial Ombudsman within four months of receiving a final response from CIF otherwise the Financial Ombudsman may not be able to deal with your complaint.
The Financial Ombudsman website can be accessed via: http://www.financialombudsman.gov.cy
Step 3: Take the matter to court
If you do not want to accept a decision taken by the Financial Ombudsman as a last resort you may be able to take your case to court. You would usually start civil action in the District Court.
Note: Furthermore, if you want to inform the CySEC about a complaint submitted to a CIF after 1.1.2016, please click one of the following forms.
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