IG Index dispute - advice welcome!

[stevespray]

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.

 

[Ross Spur]

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.

 

[tar]

This is not about stop policy , he didnt have a stop in the first place ...

 

[stevespray]

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'.

 

[pit pony]

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.

 

[tar]

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 :cheesy:
But FWIW didnt notice that much slippage with IG ...

 

[defender110]

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!!!

 

[tar]

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 ?

 

[defender110]

i emailed the help desk and then they esculated it to he 'dealing support team leader'

 

[tar]

i emailed the help desk and then they esculated it to he 'dealing support team leader'

That's good , u even didnt write to the compliance department ...

 

[Dannygee112]

Unfortunately IG, Cityindex etc are execution only firms so they offer low spreads/rates but do not have to pick up the phone..there is no incentive for them too because their rates are so low. If you still want low spread/rates and some form of customer service then best using a white label of one of the big firms through a smaller brokerage.

 

[tomorton]

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!!!

I was always quite certain that IG should offer this and would do it in the end. Well done you for not lying down and taking it.

 

[stevespray]

Nice work. Well done.

 

[trader_dante]

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!

Just as a matter of interest: did you direct IG to this thread?

 

[defender110]

@Trader_dante
No, I had advised in written correspondence I had sought advice, I didn't state where or how. But I posted here just for me, for help, support and a second opinion.

 

[arabianights]

Happy days

 

[Mata Nui]

I had a quick look at the T&C and my interpretation is that if they suspend trading as they did they will either close bets at current value or void trades. Either way according to thier own T&C they shouldnt have let the trade continue so without doubt they were in the wrong.

Question is (as someone else pointed out) they would have also had customers on the other side of the trade, what did IG do about those trades? My thinking is they would have voided the trade straight away but it would be interesting to know.

It just proves the point that like most compainies (not just SB firms) IG will happily try it on if they think they can get away with it. The fact they settled so fast IMO does not reflect well on them as it adds weight to the argument that they knew they were in the wrong but tried it on anyway.

 

[tar]

I had a quick look at the T&C and my interpretation is that if they suspend trading as they did they will either close bets at current value or void trades. Either way according to thier own T&C they shouldnt have let the trade continue so without doubt they were in the wrong.

Question is (as someone else pointed out) they would have also had customers on the other side of the trade, what did IG do about those trades? My thinking is they would have voided the trade straight away but it would be interesting to know.

It just proves the point that like most compainies (not just SB firms) IG will happily try it on if they think they can get away with it. The fact they settled so fast IMO does not reflect well on them as it adds weight to the argument that they knew they were in the wrong but tried it on anyway.

IG didnt suspend trading , only switched the market to phone dealing , big difference .

 

[Mata Nui]

IG didnt suspend trading , only switched the market to phone dealing , big difference .

In post 10 the OP states
"BTW to to clarify, IG are arguing that even if I had called through and my call have been answered they could still not accept a stop order - "during this time we we were unable to accept trades and stops edited at this time of suspension."

That is a suspension of trading.

 

[tar]

In post 10 the OP states
"BTW to to clarify, IG are arguing that even if I had called through and my call have been answered they could still not accept a stop order - "during this time we we were unable to accept trades and stops edited at this time of suspension."

That is a suspension of trading.

Electronic trading suspension , what u r talking about is something different it happens when there is suspension in the underlying market and the stock couldnt be traded any more ...