The EU Insurance Mediation Directive (IMD) came into force in Cyprus on the 15th of January 2005, while the EU Markets in Financial Instruments Directive (MiFID) was implemented in Cyprus on the 1st November 2007. This affected the regulation and oversight of all financial advisers in Cyprus, as well as the handling of complaints against any of our members.
Firms conducting financial services business in Cyprus should be customarily registered with either the Insurance Companies Control Service (ICSS) for insurance mediation business or the Cyprus Securities and Exchange Commission (CySEC) for investment only business.
All complaints regarding Cyprus registered financial services companies should now be taken to the relevant authority.
Complaints against individuals or firms regulated by the ICCS should be directed to:
Superintendent of Insurance
Ministry of Finance
Insurance Companies Control Service
Postal Address:
P.O. Box 23364,
1682 Nicosia, Cyprus.
Telephone: +357 22 602 990 –
Fax: +357 22 302 938
Complaints against companies regulated by CySec should be directed to:
Cyprus Securities and Exchange Commission (CySEC)
Office Address:
32 Stasikratous Street,
4th Floor, 1065 Nicosia, Cyprus.
Telephone: +357 22 875 475 – Fax: +357 22 754 671
Postal Address:
P.O. Box 24996,
1306 Nicosia, Cyprus.
Notice:
The Complaints Procedure has now been updated. Please click the following link to Make a Complaint.
For more information please contact: complaints@cifsa.org
Note: In case of CIFSA members, the following complaints procedure has been agreed between the Superintendent of Insurance and CIFSA on behalf of its members. Thus, all complaints may be addressed either to the Superintendent or to CIFSA.
Complaints Procedure
Complaints may be submitted directly to CIFSA, or referred to CIFSA by the Insurance Companies Control Service (ICCS), a division of the Ministry of Finance in Cyprus. The procedure for dealing with complaints will be as follows:
1. Complaints will be acknowledged by CIFSA as soon as possible after receipt. A copy of this complaints procedure will be provided to the complainant and brief details of the complaint will be entered into the CIFSA Complaints Register.
2. CIFSA will at the same time ensure that the member Firm involved is made aware of the complaint, and will furnish it with copies of the complaint and whatever additional documentation may be necessary.
3. CIFSA will ask the member Firm to appoint a representative from their Firm to investigate the complaint. Notification of this appointment must have been provided to CIFSA within 2 weeks of such a request.
4. The member Firm’s representative must, within 4 weeks of being appointed, prepare a dossier containing all relevant documents as well as a brief report regarding the outcome of the investigation into the complaint, giving full reasons as to the conclusion arrived at. The dossier must clearly demonstrate the member Firm’s clarification with the complainant as to the problems experienced and state whether or not the complainant is satisfied with the member Firm’s explanations and conclusions reached.
By the end of the 4 week period, the member Firm must advise CIFSA, whether or not the complaint has been resolved in an amicable manner. Should more time be required CIFSA may, in exceptional circumstances, grant an extension of up to a further 4 weeks.
5. If the Complainant and the member Firm cannot amicably resolve the matter then CIFSA will as soon as possible arrange for a member of its own Board to investigate the claim.
6. CIFSA must as soon as possible complete its investigation and advise the parties of its findings. If the complaint has been routed through the ICCS to CIFSA then a copy of the CIFSA report will be sent to the ICCS.
7. CIFSA may only consider complaints raised directly by a client of a member firm. Should at any stage legal representation be engaged by any party CIFSA shall immediately withdraw from any mediatory or investigatory role.
Note: It should be noted that whilst CIFSA strives to assist complainants and member Firms to amicably resolve any complaints, it has no legal power to decide for either party. CIFSA is only able to offer an opinion. In certain circumstances, CIFSA is able only to offer it’s opinion to the regulator, and must advise the complainant to refer to the regulator or to a legal representative should they wish to take the complaint further.
