If you have withdrawal issues or other problems with brokers regulated in Cyprus, you have to complain step by step
- First of all, request the withdrawal of all funds and complain to the broker itself (Compliance department). Save a copy of the complaint. You must receive a confirmation with a reference number within 5 days. If not, please ask for confirmation and reference number again. (You can refer to the CySEC Circular 100 issued on December 7, 2015)
- Then, complain to the CySEC (online complaint). If the Online Complaint Form is disabled, complain via email to the Supervision department.
- For claiming compensation, you have to complain to the Alternative Dispute Resolution entity of Cyprus, which is curently the Competition and Consumer Protection Service, 6 Andrea Araouzou Street,
1421 Nicosia, Cyprus, http://www.mcit.gov.cy/ccps;
e-mail: email@example.com; tel.: 0035722867153; fax: 0035722304916.
Please insist. They have to process your complaint
- You can complain to the European Consumer Centre of your country. Here the adresses of all European Consumer Centres.
If you are not based in Europe, complain to Cyprus Consumer Centre.
- If you live in Europe, you can complain through the EU Online Dispute Resolution Website
- After 3 months since your first complaint to the company, you can complain to the Cyprus Financial Ombudsman by submitting the complaint form. The fee is 20,- €. Please consider that this arbitration office is possibly a private agency, is not independent and works very slowly.
- If you already complained to the CySEC and got no reaction, you can complain to the ESMA against the Cyprus Securities and Exchange Commission. Here you can find a form for submitting the complaint
- If you want to hire a lawyer, please keep in mind that only a Cypriot lawyer can represent you before a Cypriot court (contact me for addresses). For this reason it is not recommended hiring a lawyer based in the UK or in another country.
- You can complain to the IOSCO (firstname.lastname@example.org), which can issue a warning
- You can file criminal charge to your local Prosecutor or to the UK Police.
- You can complain to the Forex Regulator of your country, pointing out that your complaint to the CySEC was not processed.