IG Index dispute - advice welcome!

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Old Mar 22, 2011, 11:39am   #31
6am
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Re: IG Index dispute - advice welcome!

You could have a second account with a different spreadbetting company and take an opposite position, add more funds to igindex to make sure that they do not liquidate your position.
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Old Mar 22, 2011, 12:23pm   #32
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Re: IG Index dispute - advice welcome!

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Originally Posted by 6am View Post
You could have a second account with a different spreadbetting company and take an opposite position, add more funds to igindex to make sure that they do not liquidate your position.
Why would you want to take an opposite position to what you want in the same contract, how you gonna make any money.??
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Old Mar 22, 2011, 12:27pm   #33
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Re: IG Index dispute - advice welcome!

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Originally Posted by pit pony View Post
Why would you want to take an opposite position to what you want in the same contract, how you gonna make any money.??
Not all the time, just to hedge spikes and slippage if a market gaps.
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Old Mar 22, 2011, 12:40pm   #34
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Re: IG Index dispute - advice welcome!

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Originally Posted by pit pony View Post
Why would you want to take an opposite position to what you want in the same contract, how you gonna make any money.??
Is that a serious question?? Read the first post by author. The author wanted to close his position but could not do it because igindex was unavailable.
This is a Plan B in case you could not close your position at igindex.
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Old Mar 22, 2011, 1:16pm   #35
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Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by 6am View Post
You could have a second account with a different spreadbetting company and take an opposite position, add more funds to igindex to make sure that they do not liquidate your position.
+1
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Old Mar 22, 2011, 1:28pm   #36
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Re: IG Index dispute - advice welcome!

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Originally Posted by cvs04 View Post
I can fully sympathise with you as I also had a position open on the Nikkai 225. However I did have a stop placed (not guaranteed I admit) but it sailed straight through that so having a stop wouldn't have done you any good at all. They since claim this was due to slippage in a fast moving market, I could understand a few points but I ended up almost £800 down when all said and done.

Much like the rest of the financial system today the regulators are in the pockets of the institutions so even when the fraud is blatant they end up with a very small fine to make it look like the FSA actually have some teeth.

Needless to say I have now emptied my account at IG. There is some good advice on here but the reality is this you won't get your money back and if anything they will rile you furthermore with their "what you gonna do about it attitude"!
disagree , at least with stops there is no way they will close his trade after 30 minutes ...
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Old Mar 22, 2011, 6:12pm   #37
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Re: IG Index dispute - advice welcome!

IG is really the worst in terms of slippage and s****ing customers.
In volatile markets you can always operate with a guaranteed stop.
What annoys me is that they remove volatile stocks from dealing or don't offer guaranteed stops at volatile times.
Also, try always to trade with nearly 100% of your account balance margined, meaning to take out profits immediately.
In case you "owe" them money, because you were on 100% margin, I would just refuse to pay. Then see what happens.
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Old Mar 22, 2011, 8:14pm   #38
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Re: IG Index dispute - advice welcome!

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Originally Posted by Yuppie13 View Post
IG is really the worst in terms of slippage and s****ing customers.
In volatile markets you can always operate with a guaranteed stop.
What annoys me is that they remove volatile stocks from dealing or don't offer guaranteed stops at volatile times.
Also, try always to trade with nearly 100% of your account balance margined, meaning to take out profits immediately.
In case you "owe" them money, because you were on 100% margin, I would just refuse to pay. Then see what happens.
I can only relate my experience, but in fairness to IG I don't think they're that bad generally. However, I'm only using them for pretty liquid underlying things like ES and NQ.
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Old Mar 22, 2011, 8:18pm   #39
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Re: IG Index dispute - advice welcome!

Quote:
Originally Posted by Yuppie13 View Post
IG is really the worst in terms of slippage and s****ing customers.
In volatile markets you can always operate with a guaranteed stop.
What annoys me is that they remove volatile stocks from dealing or don't offer guaranteed stops at volatile times.
Also, try always to trade with nearly 100% of your account balance margined, meaning to take out profits immediately.
In case you "owe" them money, because you were on 100% margin, I would just refuse to pay. Then see what happens.
On the contrary , SB speaking IG is the best ...
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Thanks! The following members like this post: Pazienza
Old Mar 23, 2011, 3:07am   #40
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Re: IG Index dispute - advice welcome!

defender110 started this thread hello again, after my stern email threating I'm prepared to actually take action against IG a senior manager had attempted to call me to deal over the phone! I feel highly honoured, I missed the call but will reply later today. I will update you all with the result but I'm quite pleased i've got their attention!
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Old Mar 23, 2011, 8:59am   #41
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Re: IG Index dispute - advice welcome!

To be honest I don't think that you're going to get anywhere by using the FOS route - the complaint will be far too complicated for them to understand - they'll just come back with some nonsense like "when the firm suspended their market they couldn't have known which way the market was going to move and it could well have gone further in your favour."

Your best bet is to contact compliance and try and speak with the compliance head via the telephone. Set out your position and ask for a fair outcome. My advice would be to strongly stress the fact that the firm's system prevented you from modifying your stop loss order - even if the market is 'phone only' it seems unfair not to allow stop modification. Set out that you'd like to see the bet voided. This opens the door for them to provide a 'good will guesture' which is generally how these firms like to settle this kind of thing.

In the longer term I'd advise that you find a firm which has a fair stop loss policy. I raised this matter quite some time back when IG altered their T&Cs to allow them to pick from two possible stop loss scenarios when filling triggered stop loss orders - basically they can pick the method which rewards them best. Read the T&Cs (on stop loss orders) and you'll see what I mean!

Good luck,
Steve.
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Old Mar 23, 2011, 9:51am   #42
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Re: IG Index dispute - advice welcome!

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Originally Posted by stevespray View Post

In the longer term I'd advise that you find a firm which has a fair stop loss policy. I raised this matter quite some time back when IG altered their T&Cs to allow them to pick from two possible stop loss scenarios when filling triggered stop loss orders - basically they can pick the method which rewards them best. Read the T&Cs (on stop loss orders) and you'll see what I mean!

Good luck,
Steve.
If IG has a stop policy that isn't fair and goes against MiFID that's even more reason to go the FOS route.
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Old Mar 23, 2011, 9:58am   #43
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Re: IG Index dispute - advice welcome!

This is not about stop policy , he didnt have a stop in the first place ...
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Old Mar 23, 2011, 10:21am   #44
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Re: IG Index dispute - advice welcome!

Agreed - This complaint isn't specifically about stop loss policy but the point I was trying to make was how the firm views its clients. In my opinion their policy treats their clients with near contempt. Under FSA regulations any firm has an obligation to treat its clients fairly. This includes T&Cs in the Client Agreements. Firms are also obligated to act in the best interests of their clients. How can a policy which which ensures that a client suffers the maximum possible loss from a stop loss order represent 'the clients best interest'?

As an aside, if you read the section in IG's client agreement they are obliged to inform the FSA of any force majeure event which occurs in any of their markets. They are also obliged to inform you of such an event. If IG have written to you (as a response to your complaint) then it will be worth checking that they have correctly discharged their duties relating to the firms contractual obligations regarding 'Force Majeure Events'.
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Old Mar 23, 2011, 10:27am   #45
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Re: IG Index dispute - advice welcome!

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Originally Posted by 6am View Post
Is that a serious question?? Read the first post by author. The author wanted to close his position but could not do it because igindex was unavailable.
This is a Plan B in case you could not close your position at igindex.
Apologies 6AM didn't read the blog correctly i certainly understand by the way.
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