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
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)
32 Stasikratous Street, 4th Floor, 1065 Nicosia, Cyprus.
Telephone: +357 22 875 475 – Fax: +357 22 754 671
P.O. Box 24996, 1306 Nicosia, Cyprus.
The Complaints Procedure has now been updated. Please click the following link to Make a Complaint.
For more information please contact: email@example.com
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.