Have you been scammed by IG Index???

[LittleKnown]

This thread reminds me of the "Airplane" movie scene, where we have a string of posters all lining up to beat up this guy with increasingly harsh views.

(although, I agree with the sentiments, expressed so well by Charlton.)

 

[Paulie_5]

No

x 2

 

[Black Swan]

That made me chuckle too. Go on, latest figures.... (I just know this is gonna make me feel sick!!)

I have a hunch that the splendid fish tank in their reception costs approx. £20K per year to maintain, (it may be noted in the detail of their accounts) Anyhow, the thread starter can be content in the knowledge that his loss is keeping the fish wet...

As for IG's results... well...:whistling...

http://www.igindex.co.uk/spread-betting/igindex-strength.html

http://www.iggroup.com/corporate/ii_index.html

 

[Hilarymannah]

I concur with most of the comments on here,.....UN,..BEE,...FKIN,..LEAVE,..ABLE !!
What is the matter with some folk,..tut,tut
(walking away scratchin' ****, while patting head),..I know,.show off : )

 

[oiltanker]

margin clerks have no soul. i remember watching huge positions being dumped by usa margin clerks at whatever price every day at 7-9pm during the credit panic. the uk margin clerks tend to do it in the hour before the close to make sure they can unload it. it can cause spikes/mini reversals etc.

 

[A Dashing Blade]

margin clerks have no soul. i remember watching huge positions being dumped by usa margin clerks at whatever price every day at 7-9pm during the credit panic. the uk margin clerks tend to do it in the hour before the close to make sure they can unload it. it can cause spikes/mini reversals etc.

Had to do it myself in '87 crash. Not nice but, being FSA registered, had to get the best for client.

 

[Jack Hughes]

I'd just like to point out that this must be the first T2W thread ever in which everyone agrees that a spreadbet company acted completely reasonably and can't be blamed for a punter losing money.

 

[bigboy]

In November 2007 the Markets in Financial Instruments Directive(MiFID) meant that IG had to have a best execution policy and act in the clients best interest. Whayt does that mean?

 

[Sunshine On Leith]

In November 2007 the Markets in Financial Instruments Directive(MiFID) meant that IG had to have a best execution policy and act in the clients best interest. Whayt does that mean?

They have acted in the clients intrerest here.

His losses were growing and he didnt have the margin in place to cover them so they have acted to ensure his losses didnt grow to a level he couldnt cope with.

They have no idea how much money he has in the bank, if he was skint and they just let his losses grow and grow then that would most definitely have been against his best interests. To say 'I covered margin in th past so they should have know I could cover it now' is absurd. Circumstances change.

Sb firms have their faults but this accusation is just ridiculous.

 

[barryb]

By changing their Terms and Conditions, whilst I was already in some trades, IG Index made me £20 000 poorer . I know that there are others here that have had major problems with IG Index but I have started a new thread rather than hijacking someone elses.

I wanted to make sure that it didn't happen to anyone else. I am also hoping that anyone else that has been through this moght be able to provide assistance.

I had an account with IG and traded S&P futures contracts (from June) which expired in Dec 09. I had 6/7 short trades on but the market was going up (the futures contracts didn't expire until December so there was still plenty of time for them to get back into the black)! IG panicked and demanded by email that I increase my account to cover margin. I didn't see the email as I was working in Woking and whilst driving home started to receive constant text messages and when I got home an hour later, I saw the texts were from IG closing my trades. I instantly called them and was told that I hadn't provided the required margin so they closed all of my trades. I explained that I was working in Woking and hadn't seen the email and only found out when they texted me closing the trades - I explained that I had the funds available in my bank account.

Previously, before the change of Terms and Conditions, I was phoned and then emailed by IG concerning margin. Each and every time I was asked for margin - I duly supplied it on time. I even had an agreement that I would supply the margin within 10 days, which again I duly obliged each and every time. IG then changed their Terms and Conditions, the margin was due immediately - I believe that to be Unfair Contract Terms.

To cut a long story short, they wouldn't reinstate my trades even though I had the margin money in my bank account to cover the shortfall. I wrote to their Compliance Department and they basically said 'we can do what we want' - this seems to me to be a licence to print money off unsuspecting punters? They will not return my money nor reinstate the trades (though it is far too late to reinstate the trades now) and said if I was still unhappy my next step was to go to the Financial Ombudsman Service - who take 2 years to answer complaints and they know that.

My message is therefore read every little bit of the T's and C's, even the bit where it states that they can change the T's and C's at any time they wish, therefore - DO NOT USE IG INDEX IF YOU VALUE YOUR MONEY.

I have written to Watchdog, The One Show and local newspapers - bought 2 domain names IGIndexarecheats.com and IGIndexarecheats.co.uk and I will hopefully stop people from falling into the same trap.

All I want is my money back - IG's legal Department have now threatened to take legal action against me for setting my website, saying it was defamatory. I will be duly informing all the bodies above and will not stop now until I gain a listing on the front page of Google.

Any help you can offer to assist me to achieve this would be greatly appreciated, thanks

Richard
[email protected]

Even if you managed to get them to keep your positions open and they went back onside, it wouldn't be long until your next disaster. They acted in your best interests, and this experience should've alerted you to the fact that your money management needs serious attention to say the least.

 

[Rossini]

Can we bin this thread now?

Every one agrees (apart from the thread starter I assume) that I.G. acted fairly. To keep reiterating the same sentiment again and again is pointless.

 

[Jack Hughes]

Can we bin this thread now?.

No, it should be preserved for posterity. Spread bet companies not always scamming, money-grabbing b******s, shock, horror!

 

[bigboy]

Can we bin this thread now?

Every one agrees (apart from the thread starter I assume) that I.G. acted fairly. To keep reiterating the same sentiment again and again is pointless.

Hold..on...i'm getting shafted!

Where's the IG Index are brilliant thread?

 

[ukdaytrader]

Without seeming to be offensive here, your strategy of not having enough to cover market volatility strikes me as amateurish. This happened to me when I first started trading CFD - volatile market, large position, small cash deposit and lots of excitement. They closed me out - and quite rightly so. I lost about £3k at the time - beer money. The point is I was playing with money I could afford to lose and that is why I took large risky positions relative to my margin. If you knew what you were doing you would not have left yourself exposed.

I also use IG Markets cfd and on average find them to be pretty professional compared to other cowboys - you only need to look at what Man did to that tech trader (£7k to £7m)

 

[Davidee]

There seems to be a lot of threads attacking IG at the moment, can you prove you are who you say you are and REALLY had this account with them?

 

[bigboy]

Without seeming to be offensive here, your strategy of not having enough to cover market volatility strikes me as amateurish. This happened to me when I first started trading CFD - volatile market, large position, small cash deposit and lots of excitement. They closed me out - and quite rightly so. I lost about £3k at the time - beer money. The point is I was playing with money I could afford to lose and that is why I took large risky positions relative to my margin. If you knew what you were doing you would not have left yourself exposed.

I also use IG Markets cfd and on average find them to be pretty professional compared to other cowboys - you only need to look at what Man did to that tech trader (£7k to £7m)

Well..hang on a mo... if 3k is beer money why would IG bother trying to make someone bankrupt for it and ruin their life?

 

[Sunshine On Leith]

Hold..on...i'm getting shafted!

Where's the IG Index are brilliant thread?

I think I read your story on another thread. Youre the tube that tried to scalp using SB arent you? Youve shafted yourself kid, wise up.

 

[Rossini]

This thread is going round in circles. Its better suited in the Spread Betting forum, and as the Thread Starter has had many answers, I will move it.

 

[shafted by IG Index]

There seems to be a lot of threads attacking IG at the moment, can you prove you are who you say you are and REALLY had this account with them?

Not sure what kind of proof you want.

With regard to the other threads I cannot comment. This is my only thread on this site todate.

I take on board the criticisms and have decided to withhold any responses whilst I await legal advice regarding a letter threatening to sue me for posting this and duplicate posts elsewhere.

As things currently stand I consider that I have expressed a personal point of view but take very seriously the financial might of the company (which for obvious reasons I shall not name).

Regards

 

[stevespray]

You think that's bad?

I knew someone that witnessed a huge spike down in the Bund on a fat finger, bought as much as he could at near enough the low, sold it not long after on the way back up and absolutely cleaned up.

The market then went right back to where it was at which point the exchange scratched half the trades, cancelling out all longs and leaving the poor **** net short, a hundred or so ticks offside and completely and utterly screwed.


All the best.

Technically your friend should tell the spread bet firm that they are bound by the trades which they entered.

If you enter a trade with a spread betting company then you are not dealing directly with the exchange. Instead you are dealing with the firm’s own derived contract. This is technically an ‘Over The Counter’ (OTC) product. The firm has the right to price this contract as they see fit. The firm clearly agrees these two points with its clients in its T&C’s.

On that basis the firm has no legal right to cancel trades in such a manner. If the exchange cancels trades against the firm then it is the firm’s hard luck. The firm does not have the same right over the client as the clients dealings with the firm are regarded as being ‘an off exchange transaction’. In other words it is the firm that assumes the risk in such a situation.

Basically as soon as the firm agreed the trade (and provided a contract note) they are bound by it. They must, in law, consider whether they want to enter a trade with a client BEFORE accepting the trade. There is no room in law for retrospective consideration. In your friends case the firm appear to have incorrectly. They have retrospectively considered your friends opening order and decided to cancel it. The law does not allow this since they have already ‘accepted’ your friends order.

The bottom line is that the firm take on the risk in such a situation as, from a legal perspective, they have no way to circumvent basic contract law. It’s exactly the same as going into a shop and spotting something that is mispriced. If you take your item to the till and they accept the sale at the incorrect price then they are bound by the transaction – in the eyes of the law the item is now your property and the seller has no redress. An over the counter product from a spread betting firm is no different.

Your friend should write to the firm and inform them that he is exercising his right to enforce the contracts which the firm has tried to cancel.


Hope this helps,
Steve.