Cyprus Ombudsman

[shads]

HI Traders,

Does anyone how long it takes for the Cyprus Ombudsman to reply?

I have had a complaint with them for 10 months now. First they said it will take 6 months, then they said they are allowed by their rules to extend for further 3 months. This is also lapsed and I am still waiting.

Does anyone know what other action or how I can escalate this?

Thank you

 

[FxMaster]

T

HI Traders,

Does anyone how long it takes for the Cyprus Ombudsman to reply?

I have had a complaint with them for 10 months now. First they said it will take 6 months, then they said they are allowed by their rules to extend for further 3 months. This is also lapsed and I am still waiting.

Does anyone know what other action or how I can escalate this?

Thank you

To be frank, as per my experience, I can say that Regulatory can't help you to recover your funds quickly

 

[shads]

HI FXmaster, have you had experience with them?

How long did it take you?

 

[FxMaster]

n

HI FXmaster, have you had experience with them?

How long did it take you?

Not personal experience yet but I saw the lots of victim`s cases and heard about their slow responses.

 

[mparama]

I think they are not cooperateve in solving cases helping them and CYSEC to gain more consideration as regulatory.
At the moment they are not very well seriously considered.just like others esotic island......about me when I found a broker with CYSEC reg. I run Away....

 

[Pharaoh]

Cyprus only found out how many scammers they gave licenses to when the opened up the Cyprus Ombudsman.

They are slow, but they have begun to issue a few rulings in favor of traders.

 

[shads]

Cyprus only found out how many scammers they gave licenses to when the opened up the Cyprus Ombudsman.

They are slow, but they have begun to issue a few rulings in favor of traders.

How do you know this?
Do you know anyone recently that has got a reply from them and how long they had to wait?

Thank you

 

[Pharaoh]

I know it because I've watched them for years. When the Cyprus Financial Ombudsman was announced, cases were supposed to be handled within 3-6 months, but that time kept getting extended due to the case load.

I also know it because the finally started hitting some of the worst companies with larger fines instead of token fines and even forced a handful of really bad companies to give up their licenses.

I've also seen at least one FPA member win a Cyprus Financial Ombudsman case against a binary broker.

On the flipside, they are still protecting some very bad companies. Corruption takes time to dig out.

 

[bigdolly]

HI Traders,

Does anyone how long it takes for the Cyprus Ombudsman to reply?

I have had a complaint with them for 10 months now. First they said it will take 6 months, then they said they are allowed by their rules to extend for further 3 months. This is also lapsed and I am still waiting.

Does anyone know what other action or how I can escalate this?

Thank you

They are too sluggish moreover redtapes will hardly allow you to pursue legal case against a broker. Better to stay with FCA regulated companies at least UK protection seems to be more legit.

 

[Makenzie Malachi]

Hearing your experience seems you got scammed. Because a credible broker should not take took that much time like you are saying. You should complaint against their cooperativeness. You should not wait for their reply. In my career in the beginning I had been scammed by many brokers. They all do almost same like your broker. Cyprus ombudsman are too slow for replying any type of answer. If you are lucky than you might get a reply from them in a few days otherwise not.