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Complaints by Customers of Credit Acquiring Companies (CACs)


Customers of CACs, as consumers, have the right to complain against a CAC in case they are not satisfied with the products or services provided.

It is advised that consumers wishing to make a complaint, first address it to the relevant CAC.

CACs operating in Cyprus are obliged to follow the Guidelines for handling consumer complaints in the securities and banking sectors, which require, among others, the CACs to:

  • set up a complaints management policy and a complaints management function
  • establish procedures providing proper information to complainants and for responding to complaints

The abovementioned Guidelines have been issued jointly by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) and have been fully endorsed by the Central Bank of Cyprus (CBC).

Although the CBC is empowered to supervise CACs, in ensuring the operation of an effective complaints handling mechanism in compliance with these guidelines it does not have restitution powers and hence does not investigate individual consumer complaints.

In case that a CAC fails to address a complaint to the satisfaction of a consumer, the consumer is advised to either file a complaint with the Financial Ombudsman of Cyprus subject to this complaint falling within the scope of the Financial Ombudsman Law, or with one of Alternative dispute resolutions for consumer disputes in accordance with the Alternative Dispute Resolution for Consumer Disputes Law of 2017. For any other cases, the consumer is advised to take legal advice for the resolution of the dispute.