CyLAS - Submit a Complaint

Please note that CyLAS does not have restitution powers and therefore does not investigate individual complaints. However, all complaints submitted to CyLAS are taken into account in the performance of its supervisory duties.

If you are dissatisfied with a financial product or service provided to you by a Cyprus Investment Firm (CIF), you can submit your complaint as follows:

Step 1: Contact the Relevant CIF

If you have a complaint, it is best to first contact the CIF involved and request that they resolve the issue.

The CIF will provide you with a unique reference number (only for complaints submitted after 1 January 2016). This number should be used in all future communications you have with the Financial Ombudsman and/or CyLAS regarding your complaint.

CIFs are required to acknowledge receipt of your complaint in writing within five days.

CIFs must also respond to your complaint in writing within two months to inform you whether the complaint has been successfully resolved or if more time is needed for further investigation (within a maximum of three months from submission).

Step 2: Contact the Financial Ombudsman

If your complaint has been rejected or you have not received a response within three months, you are advised to contact the Financial Ombudsman to determine whether you are eligible to submit your complaint and seek mediation for possible compensation.

The Financial Ombudsman is an independent body that resolves disputes between consumers and financial service providers, including CIFs.

It is important to contact the Financial Ombudsman within four months after receiving the final response from the CIF; otherwise, your complaint may not be considered.

Financial Ombudsman website: https://www.financialombudsman.gov.cy

Step 3: Legal Action

If you do not wish to accept the decision made by the Financial Ombudsman, you may take your case to court as a last resort. This usually involves filing a civil action before the District Court.

Note: If you have submitted a complaint to a CIF after 1 January 2016 and wish to inform CyLAS, please select one of the forms below.