{"id":1390,"date":"2025-02-05T08:22:55","date_gmt":"2025-02-05T06:22:55","guid":{"rendered":"https:\/\/financialombudsman.org.cy\/?page_id=1390"},"modified":"2026-05-29T10:50:27","modified_gmt":"2026-05-29T07:50:27","slug":"complaints-service","status":"publish","type":"page","link":"https:\/\/financialombudsman.org.cy\/en\/services\/complaints-service\/","title":{"rendered":"Complaints Service"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]The Financial Ombudsman handles complaints from\u00a0consumers<\/b>\u00a0against\u00a0financial institutions<\/b>. The consumer submits a completed complaint form against a financial institution\u00a0online<\/strong>\u00a0or\u00a0in paper form<\/strong>\u00a0. A fee of \u20ac20 is paid when submitting the complaint.<\/p>\n

The consumer can be either\u00a0a natural person<\/a><\/strong> or\u00a0a legal entity<\/a><\/strong>.<\/p>\n

The complaint, provided that it meets the submission and examination criteria, in accordance with the provisions of the relevant legislation (Law 84(I)\/2010), will be examined by the competent officers of the Agency. Subsequently, a relevant decision on the complaint will be issued by the Financial Ombudsman, which will be notified to the consumer and the financial institution.<\/p>\n

If the amount of monetary compensation exceeds twenty thousand euros (\u20ac20.000)<\/strong>, the consumer and the financial institution are informed that, within two (2) months, they must declare whether or not they accept the binding nature of the decision issued. The Commissioner\u2019s decision is binding only if it is accepted by both parties<\/strong> within two months.<\/p>\n

If the amount of monetary compensation does not exceed twenty thousand euros (\u20ac20.000), the decision becomes binding<\/strong> on both the consumer and the financial institution. The parties retain the right to challenge the binding decision by filing an application before the District Court, in accordance with the Civil Procedure Rules, within thirty (30) days from the date of its notification, and to seek the annulment or amendment of the decision, provided that the application is also served on the Commissioner. The binding effect of the Commissioner\u2019s decision is suspended until the issuance of a final decision by the Court.[\/vc_column_text][vc_empty_space height=”80px”][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1743425379868{background-color: #EFF0F1 !important;}”][vc_column][vc_empty_space height=”80px”][vc_column_text css=””]<\/p>\n

Useful Terms<\/h2>\n
\nWhat does “Complaint” mean?<\/summary>\n

“Complaint” means the submission of a protest or objection or dispute to the Agency against a financial undertaking, the amount of which does not exceed the amount of \u20ac250,000. The term complaint also includes the complaint submitted by an eligible debtor for confirmation of the required mortgage debt prior to the foreclosure process in accordance with the Transfer and Mortgage of Real Estate Law.<\/p>\n<\/details>\n

\nWhat does “Consumer” mean?<\/summary>\n