{"id":823,"date":"2024-05-31T15:50:32","date_gmt":"2024-05-31T12:50:32","guid":{"rendered":"https:\/\/financialombudsman.org.cy\/?p=823"},"modified":"2025-05-15T09:31:29","modified_gmt":"2025-05-15T06:31:29","slug":"fc-2024-3","status":"publish","type":"post","link":"https:\/\/financialombudsman.org.cy\/en\/fc-2024-3\/","title":{"rendered":"Interpretative circular of the Financial Commissioner (Ombudsman) on the payment of the intermediary"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]<\/p>\n

CIRCULAR NUMBER FC: 3\/2024<\/h3>\n

[\/vc_column_text][vc_btn title=”Download File – Interpretative Circular of the Financial Commissioner Circular No. 3-2024.pdf” style=”classic” size=”lg” align=”center” i_icon_fontawesome=”fas fa-file-pdf” css=”” add_icon=”true” link=”url:http%3A%2F%2Ffinancialombudsman.org.cy%2Fwp-content%2Fuploads%2F2025%2F01%2F%CE%95%CF%81%CE%BC%CE%B7%CE%BD%CE%B5%CF%85%CF%84%CE%B9%CE%BA%CE%AE-%CE%95%CE%B3%CE%BA%CF%8D%CE%BA%CE%BB%CE%B9%CE%BF%CF%82-%CE%A7%CF%81%CE%B7%CE%BC%CE%B1%CF%84%CE%BF%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%BF%CF%8D-%CE%95%CF%80%CE%B9%CF%84%CF%81%CF%8C%CF%80%CE%BF%CF%85-%CE%91%CF%81-%CE%95%CE%B3%CE%BA%CF%85%CE%BA%CE%BB%CE%AF%CE%BF%CF%85-3-2024-%CF%85%CF%80%CE%BF%CE%B3%CF%81%CE%B1%CE%BC%CE%BC%CE%AD%CE%BD%CE%B7.pdf|target:_blank”][vc_empty_space][vc_column_text css=””]In continuation of the Interpretative Circular of the Financial Commissioner, titled “Interpretative Circular of the Financial Commissioner (Ombudsman) regarding the method of calculating the costs for the use of the mediator’s services<\/strong><\/a>“, which was issued on the basis of article 14C(5) of the Constitution and Operation of the Unified Body for the Out-of-Court Resolution of Disputes of a Financial Nature of the Law 2010, as amended and\/or replaced from time to time (hereinafter “the Law”), the Financial Commissioner issues this Interpretative Circular, which will be referred to as the “Financial Commissioner’s (Ombudsman\u2019s) Interpretative Circular regarding the payment of the intermediary”. With this Interpretative Circular, the Financial Commissioner determines the time of payment of the fee of the mediator who is appointed, at the request of the debtor, for the purpose of restructuring credit facilities.<\/span><\/p>\n

2. The two parties must pay to the mediator, the portion of the amount due by them, according to the “Interpretative Circular of the Financial Commissioner on the method of calculating the costs for the use of the services of the mediator<\/strong><\/a>“, before the start of the mediation process.<\/span><\/p>\n

    \n
  1. Article 14C(4) of the Law provides that:<\/span><\/li>\n<\/ol>\n

    “The licensed institution or credit buyer must arrange, within five (5) working days, from the date of notification by the Commissioner, as defined in subsection (3), a meeting with the debtor, in the presence of the mediator, who presides over any meetings”.<\/strong><\/p>\n

    4. Consequently, the Financial Commissioner, by issuing this notice, regulates that, during the said meeting (first), the parties must pay the mediator the total mediation fee. The mediator must then issue a receipt of the fee, copies of which will be sent immediately to the Office of the Financial Commissioner (Ombudsman). The date of issuance of said receipt is determined as the start date of the mediation. Therefore, the mediation effort starts after the fee in question has been paid in full.<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[75,32,10],"tags":[],"class_list":["post-823","post","type-post","status-publish","format-standard","hentry","category-circulars","category-mediations","category-announcements"],"acf":[],"_links":{"self":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/posts\/823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/comments?post=823"}],"version-history":[{"count":4,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/posts\/823\/revisions"}],"predecessor-version":[{"id":2460,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/posts\/823\/revisions\/2460"}],"wp:attachment":[{"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/media?parent=823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/categories?post=823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/financialombudsman.org.cy\/en\/wp-json\/wp\/v2\/tags?post=823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}