Maintaining the Highest Professional Standards in Cyprus
Complaints
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Maintaining the Highest Professional Standards in Cyprus
Complaints
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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.
Cyprus Securities and Exchange Commission (CySEC)
CIFSA Complaints Procedure 1. Complaints will be acknowledged by CIFSA, within 3 days of receipt. A copy of the complaints procedure will be provided to the complainant, and brief details of the complaint entered in the CIFSA Complaints Register. 2. CIFSA will at the same time ensure that the member firm involved is aware of the complaint. If the complaint has been received direct from a member of the public, the correspondence will be copied to the ICCS. 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 the receipt 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, with a copy to the ICCS, 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 is not satisfied, the member firm’s dossier must be submitted to CIFSA for further investigation. CIFSA will, within 2 weeks of this notification, arrange for a member of its own board to progress the complaint. 6. CIFSA must, within 4 weeks, review the complaint, investigate further where necessary and where possible assist both parties to reach a satisfactory resolution. 7. If, at the end of this period, the complainant is not satisfied with the investigations made and conclusions reached, the case and all accompanying correspondence and documentation is to be submitted to the ICCS, who will determine any further course of action. |
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