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Cyprus’ Consumer Protection Service (CPS) has hit the two largest banks in the country with hefty fines for using illegal or unfair terms in their loan agreements, warning that thousands of borrowers may be affected.
Bank of Cyprus was fined €800,000 and Eurobank €600,000 after CPS investigations found that the banks’ loan contracts included clauses that violated consumer rights. The watchdog said the agreements cover a large number of customers and span multiple years.
“This is about protecting everyday Cypriots,” a CPS spokesperson said. “If you have a loan with these banks, you should check whether you’re affected and seek guidance on your options.”
Consumers who believe they may be impacted are urged to contact CPS to get advice on what they can do to protect themselves and possibly reclaim any losses.
The announcement also highlighted broader concerns about consumer protections in Cyprus. CPS called for stronger rules and enforcement in other areas, especially when it comes to warranties and compensation for electrical, electronic, and household goods, sectors where buyers often have little leverage and retailers hold the upper hand.
With this move, CPS is sending a clear message: banks and businesses must play fair, and consumers have the right to demand it.
*Source: Announcement
