Opposition seeks to beef up watchdog’s role in banks
An opposition party said Monday it will table a bill that would make decisions taken by the financial ombudsman legally binding on banks. Angelos Votsis,...
financial ombudsman
Coronavirus: financial ombudsman’s office closed for two days after case found
The office of the financial ombudsman will be closed for two working days due to a confirmed Covid-19 case, it was announced on Sunday. An...
Bank calls off pensioner’s eviction after financial watchdog intervenes
The eviction by the Bank of Cyprus of an elderly Paphos resident was called off on Wednesday after the intervention of financial ombudsman Pavlos Ioannou....
AG confirms investigation into former Co-op boss and others
Attorney-general Costas Clerides confirmed on Wednesday he had ordered an investigation into the Co-op Bank’s former CEO Nicolas Hadjiyiannis and other senior officials over their...
Attracting investor interest for Co-op Bank ‘a must’, financial ombudsman says
Attracting investor interest for the Cyprus Cooperative Bank is a must and a move everyone should contribute in, in order to shield the Cypriot economy,...
Banks face heftier fines for mistreating customers
Parliament on Monday passed a law expanding the scope of action of the Financial Ombudsman and empowering the agency to impose heftier fines on...
Financial Ombudsman says sale of loans only helps banks, not borrowers
Financial Ombudsman Pavlos Ioannou said that the clean-up of banks’ balance sheets with the sale of loans does not effectively help tackle non-performing loans as...
New case of possible co-op overcharging being investigated
The financial ombudsman said on Friday he was investigating another case relating to possible excess charges on a loan at Strovolos co-op, which has to...
Complaints against banks and investment firms filed to financial ombudsman
By Angelos Anastasiou A multitude of complaints have been filed to the Financial Ombudsman, with Cypriots submitting complaints against banks while complaints by foreigners relate...
Ombudsman resolves first NPL disputes
By Angelos Anastasiou SIX out of eight cases referred to the Financial Ombudsman’s office relating to €1.2m worth of previously non-performing loans (NPLs) were successfully...
Mediation services for unhappy borrowers
By Angelos Anastasiou THE FINANCIAL Ombudsman’s office will begin processing complaints by borrowers against financial institutions on Tuesday, board chairman Yiorgos Kyriacou announced on Monday....
Handful of Cyprus-based Russian investment firms may face risks from EU sanctions
By Angelos Anastasiou Despite being sufficiently capitalised at present, a handful of large Russian investment firms operating in Cyprus may face risks relating to EU-imposed...
Applications being accepted for mediation in loan restructuring
By Angelos Anastasiou The newly-operational Financial Ombudsman’s office started accepting applications by borrowers for the restructuring of non-performing loans, it announced on Friday. “We will...
House gives more powers to Financial ombudsman
By Angelos Anastasiou THE House unanimously voted an amendment yesterday to the legislation governing the Financial ombudsman’s office, expanding its mediating powers and fulfilling Cyprus’...
Cabinet extends authority of financial ombudsman
By Staff Reporter THE cabinet yesterday approved draft legislation extending the authority of the financial ombudsman to include mediation on loan restructuring when the collateral...
Cabinet tackles loan restructuring
By Stefanos Evripidou THE GOVERNMENT yesterday announced a series of measures to ensure banks and their clients reach a fair compromise on how to restructure...