Submit a complaint
Please kindly note that 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 CySEC in the performance of its supervisory mandate.
If you are unsatisfied with a financial product or service provided to you by a Cyprus Investment Firm (CIF), you can make a complain as follows:
Step 1: Contact the CIF involed
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 CIFs 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.
CIFs are required to respond in writing within five days to let you know they have received your complaint.
CIFs are also required to respond to your complaint in writing within two months, informing 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
In case your complaint was rejected or you haven’t received a response within three months, it is recommended that you contact the Financial Ombudsman’s office to check whether you are eligible to file a complaint to them and seek mediation for possible compensation.
The Financial Ombudsman is an independent dispute resolution authority between consumers and businesses that provide financial services including CIFs.
It is important to contact the Financial Ombudsman within four months of receiving a final response from the CIF otherwise the Financial Ombudsman may not be able to investigate your complaint.
The Financial Ombudsman's website is:
https://www.financialombudsman.gov.cy
Step 3: Court procedure
If you do not want to accept a decision taken by the Financial Ombudsman, as a last resort, you can take your case to court. The usual practice is to file a civil action in the District Court.
Note: Furthermore, if you want to inform CySEC about a complaint submitted to a CIF after 1.1.2016, please choose one of the following forms.