CySec Financial Ombudsman

[ITFRX]

Hi,

I have a question about the final decision that was made by the financial ombudsman of Cysec.

1) Who is responsible to execute the decision?

2) What happen if the broker does not respond to the financial ombudsman decision?

Thanks

 

[4evermaat]

@IRONFXSCAM @ironfxvictims any comments on this? You guys have the most experience. Based onwhat I remember reading an cyprus fin ombudsman "recommendation" it seemed as if it was NOT binding.

 

[ITFRX]

Hi,

If it is not binding why a broker will want to comply with their decision?

Brokers can get away from paying clients just by refusing to accept the ombudsman decision?

Is there anything else a client can do in this case?

Thanks,

 

[oscarra]

Is there anything else a client can do in this case?

Take the case to court !

In event Cy Fos decision don’t please you, you can still take the case to court !

(no idea about these civil courts prescription delays, considering Fos decisions may take years, better watch out)

https://www.cysec.gov.cy/en-GB/complaints/how-to-complain/


in extreme cases, as well needs Cysec or Court decision

https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=971d4e0b-326b-4db1-b155-28a9f98af927

https://www.cysec.gov.cy/en-GB/complaints/tae/ANNOUNCEMENTS/

 

[oscarra]

http://www.financialombudsman.gov.cy/forc/forc.nsf/index_en/index_en?OpenDocument

 

[oscarra]

https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32013L0011 para(5)

also here, Europe’s famous Alternative Dispute Resolution dream (ATR), “Recommendation”
…need’s to be highlighted, too many victims still expect too much from Cy Fos