The protection of borrowers hinges not only on legal compliance but also on the social responsibility of banks and credit acquisition companies (CACs) , according to Costas Melas, president of the Cyprus Borrowers Association (Syprodat).
Speaking to the Cyprus News Agency (CNA), Melas said that while these companies adhere to the directives and code of conduct set by the Central Bank of Cyprus (CBC), their “practical implementation remains questionable”.
Melas
