INSTITUTE OF FINANCIAL SERVICES, CYPRUS
HISTORY, ACHIEVEMENTS AND ACTIVITIES

The Institute of Financial Services, Cyprus (IFS, Cyprus) is the registered brand of The Chartered Institute of Bankers, Cyprus Centre (CIB, Cyprus). CIB, Cyprus was established in 1970 as an overseas centre of the Chartered Institute of Bankers, UK and has gradually succeeded to become one of the most well organised and active centres.

In June 1995 CIB, Cyprus was registered as a legal entity under the Societies and Institutions Law, 1972 -  Law No.27/72 of the Republic of Cyprus. In July 2001 IFS, Cyprus, a wholly owned brand of CIB, Cyprus was registered, to reflect similar developments in the UK. IFS, Cyprus is run by a Committee which comprises senior representatives of all the banks members of the two banking associations on the island. The Committee is presided every year by rotation by one of the Chief Executives of the banks, who also form the body of Vice-Presidents of the Institute.

As well as taking an active role in the promotion of IFS, UK examinations in Cyprus, IFS, Cyprus also plays a prominent part in raising the profile of the financial services industry generally. Aside from local bankers’ meetings, IFS, Cyprus organises seminars, revision courses and social events. Tosummarise, the main activities of IFS, Cyprus include:

  1. advice and consultation with IFS, UK in general;
  2. advice and consultation to prospective and existing members;
  3. consultation with employing organizations as regards the development and introduction of new qualifications;
  4. consultation with employers regarding financial support and incentives for students;
  5. organisation of revision programmes;
  6. organisation and supervision of examination centres;
  7. consultation with IFS, UK on the provision of tuition locally.

The IFS, Cyprus Committee is highly valued by IFS UK, and in recognition of the IFS, Cyprus status senior representatives actively contribute to various functions of IFS, UK, for example review of the Diploma in Financial Services Management qualification. Moreover, one of its members, Mr. Iacovos Pashos, Hon. FCIB, was the first overseas members to be awarded the title of Honourary Fellow in 1998. In April 2005 Mr. Charalambos Charalambides was awarded an honorary Masters Degree by the University of Manchester together with an honorary Fellowship of the Institute.

The members of IFS, Cyprus have always achieved high marks in the examinations and as a general rule the Cypriot candidates’ results are above the world-wide average. On numerous occasions the Cypriot candidates have ranked first world wide and have also won Council prizes.

The membership of IFS, Cyprus currently stands as follows:
2 Hon. FCIB
19 FCIBs
366 ACIBs and 319 Ordinary Members
IFS, Cyprus is a founder member of EBTN (European Banking Training Network) which was founded in 1998 is actively involved in its affairs and is represented on the Board by its Secretary.

IFS, Cyprus also signed an affiliation agreement in 2002 with EFPA (European Financial Planning Association). The essence of the agreement is that IFS, Cyprus is the sole representative of EFPA, Cyprus and is proceeding with the registration of a legal entity EFPA, Cyprus to promote the interests of EFPA in Cyprus.

IFS, Cyprus started with a membership of about 100 in 1970. Since then the Committee has worked very hard, not only to increase the Institute’s membership to the current figure of 702, but also to promote the interest of its members in the banking industry. The Committee acknowledges the support of the banks in Cyprus all these years which have not only contributed financially towards the existence of the Institute, but have also encouraged their staff to take the examinations by offering to them their full support and generous incentives.

 

 

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