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.