Coop overcharging couple interest on loan is ‘scandalous, illegal act’
In a “scandalous and extremely illegal act”, the former Cooperative (Coop) bank overcharged a private loan by €28,686.96 in interest rates, financial ombudsman Pavlos Ioannou...
pavlos ioannou
Financial ombudsman writes off person’s loans
The financial ombudsman has granted debt immunity to a mentally handicapped person, asking the entity to which the money is owed to comply. In a...
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,...
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...
