The Cyprus Security and Exchange Commission (CySEC) encourages investors to contact the Cyprus Financial Ombudsman, which is the competent body to examine compensation claims via an extrajudicial procedure.
The presence of an arbitration office for clients complaining against regulated investment firms is required by the MiFID directive and by the 2013/11/EU directive (Arbitration Dispute Resolution).
The CY Financial Ombudsman requires the payment of a fee of 20, – € for each complaint. This fee is moderate.
If you have a dispute with a forex broker based in Cyprus, you can file your case to this arbitration office.
Please be aware that you can file a complaint to the Financial Ombudsman 3 months after having sent a complaint to the broker.
Be aware of the deadline for filing a case to the Financial Ombudsman: 4 months after the final response of the investment firm.
The Complaint Form for the Financial Ombudsman can be downloaded here.
The procedure can take up to 15 months.