Cyprus consumer authority fined Bank of Cyprus €800,000 for unfair mortgage terms

Summary

Cyprus's Consumer Protection Service found unfair terms in Bank of Cyprus standard mortgage contracts, including provisions concerning interest-rate changes, lien rights, account consolidation and set-off, notices and property-revaluation costs. The authority said the terms had appeared in 14,810 mortgage agreements since June 2021. In administrative decision 2025-15, announced on 24 September 2025, it imposed an €800,000 fine, ordered the terms to cease within 60 days and provided for a €1,000 daily fine for continued infringement. The authority also recorded cooperation and proposed improvements by the bank as mitigating factors. Source: https://consumer.gov.cy/gr/%CE%B5%CE%BD%CE%B7%CE%BC%CE%AD%CF%81%CF%89%CF%83%CE%B7/%CE%B1%CE%BD%CE%B1%CE%BA%CE%BF%CE%B9%CE%BD%CF%8E%CF%83%CE%B5%CE%B9%CF%82/%CE%B5%CE%BD%CF%84%CE%BF%CF%80%CE%B9%CF%83%CE%BC%CF%8C%CF%82-%CE%BA%CE%B1%CF%84%CE%B1%CF%87%CF%81%CE%B7%CF%83%CF%84%CE%B9%CE%BA%CF%8E%CE%BD-%CF%81%CE%B7%CF%84%CF%81%CF%8E%CE%BD-%CF%83%CE%B5-%CF%83%CF%85%CE%BC%CE%B2%CE%AC%CF%83%CE%B5%CE%B9%CF%82-%CF%83%CF%84%CE%B5%CE%B3%CE%B1%CF%83%CF%84%CE%B9%CE%BA%CF%8E%CE%BD-%CE%B4%CE%B1%CE%BD%CE%B5%CE%AF%CF%89%CE%BD