IG Index dispute - advice welcome!

This is a discussion on IG Index dispute - advice welcome! within the Spread Betting & CFDs forums, part of the Commercial category; To be honest I don't think that you're going to get anywhere by using the FOS route - the complaint ...

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Old Mar 23, 2011, 8:59am   #41
Joined May 2001
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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Old Mar 23, 2011, 10:58am   #46
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Re: IG Index dispute - advice welcome!

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Originally Posted by stevespray View Post
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'?
.
slippage is part of the game welcome to SB
But FWIW didnt notice that much slippage with IG ...

Last edited by tar; Mar 23, 2011 at 11:04am.
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Old Mar 23, 2011, 1:21pm   #47
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Re: IG Index dispute - advice welcome!

defender110 started this thread Hi everyone - thank you so much for all your help and I can offically claim victory! Their complaints line manager called me and 'as a gesture of good will' has voided the bet, and they even want to keep me as a customer! Thank you IG and thank you trade to win.


People power!!!
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Thanks! The following members like this post: wackypete2 , Liquid validity
Old Mar 23, 2011, 1:35pm   #48
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Re: IG Index dispute - advice welcome!

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Originally Posted by defender110 View Post
Hi everyone - thank you so much for all your help and I can offically claim victory! Their complaints line manager called me and 'as a gesture of good will' has voided the bet, and they even want to keep me as a customer! Thank you IG and thank you trade to win.


People power!!!
, did you email the compliance department or only the help desk ?

Last edited by tar; Mar 23, 2011 at 2:01pm.
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