IG Index dispute - advice welcome!

tomorton

Legendary member
Feb 28, 2002
7,090
922
#16
Although I haven't had the opportunity to read the relevant section of the T&C, this sounds worrying.

On IG 's side, I would suggest they have probably the right to cease offering a market whenever they choose, whether they invoke force majeure as justification or not.

However, they should not profit by such actions and I hope the very least settlement you get from them would be their voiding of the trade. Obviously, not the happiest outcome considering you were in the money at one stage, but maybe you will convince them to adjust your account by the consideration you would have obtained if you had manually closed your position at the moment they curtailed this market.

After that, a move to another SB firm might be the first item on the agenda.
 

Ross Spur

Senior member
Jul 18, 2010
2,293
172
#17
Don't bother arguing any more. Just ask for their 'final response' and fill in the FOS forms. All the SBs seem to work on the assumption that most people won't bother, but it's worth doing because it costs them money every time a complaint is made.
 

arabianights

Legendary member
Jan 9, 2007
6,725
1,377
#18
Don't bother arguing any more. Just ask for their 'final response' and fill in the FOS forms. All the SBs seem to work on the assumption that most people won't bother, but it's worth doing because it costs them money every time a complaint is made.
Furthermore... obviously it costs them money in terms of time with every complaint... but past, I think, five complaints in a year, and they have to pay the FOS money too, whatever the outcome of the case!

(Another thing I picked up from ombudsman news...)
 
Jan 9, 2011
2,334
442
#20
Furthermore... obviously it costs them money in terms of time with every complaint... but past, I think, five complaints in a year, and they have to pay the FOS money too, whatever the outcome of the case!

(Another thing I picked up from ombudsman news...)
I think that is out of date, I don't think it's even five - it might be for every complaint, unless they can show that the complaint was "vexatious" or whatever term they use.

Either way, no regulated firm wants complaints no matter what, because they start to move up the regulator's / ombudsman's sh1t-list.
 

arabianights

Legendary member
Jan 9, 2007
6,725
1,377
#21
the magic FSA words, of course, are "I don't feel that you're treating me fairly".

But I think FOS is a better bet in this case.
 

Ross Spur

Senior member
Jul 18, 2010
2,293
172
#22
I think that is out of date, I don't think it's even five - it might be for every complaint, unless they can show that the complaint was "vexatious" or whatever term they use.

Either way, no regulated firm wants complaints no matter what, because they start to move up the regulator's / ombudsman's sh1t-list.
Yeah, I think every complaint costs them money, but not many SBs will have less than five a year. More like 500, I reckon.
 

andycon

Active member
Nov 8, 2008
170
12
#23
The FOS is the complaints arm of the FSA. Once you have made your complaint to IG and they give you a final rejection you can then apply to the FOS to rule. It will cost you nothing but is likely to be quite expensive for IG. I used to run a Independent Firm of Financial Advisors and any complaint that threatened to go to the FOS under £500 certainly wasn't worth arguing as it would cost more and the FSA monitor your complaints numbers, so it depends how much you have lost. The FOS will use "treating customers fairly" rule among others and there decision will be binding on IG but not on you. So if they rule against you you still could go to court. The FOS use FSA regulatory principles in there decision and do not follow the rule of law, so if the find in favour of IG it may still be worth pursuing through the courts. Good luck.
 

defender110

Junior member
Mar 21, 2011
16
2
#24
Thank u all for the advice, I've learnt ally about the FOS and will seek further action through them. I will update this thread with any developments. Thanks again :D
 

tar

Legendary member
Nov 18, 2006
10,441
1,308
#28
IMO i dont think u have a case here , sometimes SB marketmakers put certain markets on phone dealing only , it happens , but i think because u tried to call them and their lines were busy then they should compensate u and pay u some of your loss
 
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oiltanker

Established member
Mar 26, 2007
955
89
#29
stops are vital. anything can happen. power go down due to sunspots, virus attacking computer, software update freezes screen whatever. one has to have a plan for 'if i can't get access to the trade what do i do?'.

its not uncommon for sbs to lock out of a trade. its 'a feature' of dealing with them.
 
Jul 1, 2009
4
0
#30
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"!