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,...
pavlos ioannou
Lawmakers welcome first court ruling against bank
Lawmakers on Thursday welcomed the first court judgment against a bank for unfair terms of contract, but still harangued the banks for acting with “impunity”...
Ombudsman mediates to suspend auction of primary home
Financial ombudsman Pavlos Ioannou has intervened to suspend the foreclosure of the primary home of a woman who has her adult son with multiple sclerosis...
Financial Ombudsman says Co-op account set offs largely unlawful (Updated)
By Stelios Orphanides President Nicos Anastasiades on Thursday instructed the financial ombudsman to investigate how thousands of Co-op customers unknowingly had their deposits offset against...
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,...
Restructure your loans or face foreclosure, ombudsman says
Borrowers with non-performing loans (NPLs) should rush to have them restructured as soon as possible to avoid drastic measures, financial ombudsman Pavlos Ioannou said 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...
House committee discusses co-ops’ right to arbitrate
A legislative proposal removing the right of co-operative banks to issue injunctions on the transfer of borrowers’ property and regulating the arbitration process to include...
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...
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...