The Cyprus Fiduciary Association, in its effort to raise the standards of the fiduciary sector and the provided services, has been in contact with the Institute of Certified Public Accountants of Cyprus (ICPAC) in an effort to unify the largest possible number of ASPs under a single regulatory body and under a single representative voice. To that end, CFA has come to an agreement with ICPAC to form certain working groups that would assist in the development of mutual trust between the two bodies and be the beginning for common understanding and common vision.
The first two working groups created were the following:
1. Review of the regulatory regimes under the 3 supervisory bodies
To identify the differences among the 3 regimes in order to find the ways to eliminate them and create a level-playing field.
2. Preparation of a strategic plan for the fiduciary sector
To create a common vision for the fiduciary sector in Cyprus and draft a detailed strategic plan to be implemented along with the government. Our intention is to involve as many stakeholders as possible during this process.
The kick-off meetings of the two aforementioned groups were held on Friday, March 13th, and Wednesday, March 18th, respectively. Both meetings revealed the common understanding and common targets that providers of the same services share among themselves, irrespectively of their supervisory body. In both cases, we have defined the working mode of our groups and set a specific action plan for the near future.
On Thursday, March 19th, the Cyprus Fiduciary Association held a meeting with the Under Secretary to the President of the Republic, Mr Constantinos Petrides. The purpose of the meeting was to deliver to Mr Petrides the Strategic Plan for the Fiduciary Sector, as this was drafted during the CFA Forum in November 2014 and was formed into a strategic plan with a list of 30 action points under the fields of public sector, compliance, products & services, regulation, and promotional activities.
During the meeting, the Association’s representatives had the opportunity to brief Mr Petrides on the latest developments in the fiduciary and international business sector, point out certain issues that require immediate action, analyse the vision for the sector and the Cyprus economy, and provide further information on the Association’s current efforts on creating a broader coalition for facing current and upcoming challenges.
Mr Petrides was very interested in what we had to say and got the opportunity to go through many of the points on the list to give us a brief update on their current status. He stated that such initiatives are very helpful and repeated the government’s intention to put every effort in further developing the services sector in Cyprus. He realises the need for single regulation and common voice for the industry, something that will also help the government to promote policy issues more easily and more effectively. The Under Secretary requested CFA to keep them informed on our next actions and promised to have the government’s support in promoting those reforms that will advance our sector and the Cyprus economy.