arabianights
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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.
But I think FOS is a better bet in this case.
IG Index dispute - advice welcome!
- Thread starter defender110
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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
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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
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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 
defender110
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Ha! didn't notice IG had high-jacked my thread with their damn propaganda!
tar
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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
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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.
its not uncommon for sbs to lock out of a trade. its 'a feature' of dealing with them.
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"!
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"!
Not all the time, just to hedge spikes and slippage if a market gaps.
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.
tar
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disagree , at least with stops there is no way they will close his trade after 30 minutes ...
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.
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.
Pazienza
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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.
tar
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On the contrary , SB speaking IG is the best ...
defender110
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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!
