FAQ Brexit Update: for EEA clients
Entry posted by CharlotteIG in Essential
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Brexit Update: for EEA clients - FAQs
How do I agree to the transfer to IG Europe after Brexit?
Due to Brexit your IG accounts with IG UK companies will be set to closings only on the 31st of December 2020.
We’ve established a new European entity, IG Europe, to ensure you can keep using our services after Brexit. To do so you’ll need to agree to transfer your account(s) to IG Europe by 8 January 2021.
How do I agree to the transfer?
Simply login to your account via My IG and follow the prompts.
Verifying your identity
To complete the transfer process, you’ll also need to verify your identity before 8 January 2021. Simply log in to your My IG and follow the prompts to follow the verification process. Video verification can be done on any day of the week between 8am and midnight (UK time). Make sure that you have your passport on hand, and you’ll be done in just a few minutes.
Verification can take up to 24 hours to be processed, so please get started before 8 January 2021. If you don’t verify your identity in time, we won’t be able to transfer your account(s) to IG Europe and we may need to close them.
What does the transfer involve?
Once you’ve agreed to the transfer and followed the steps to verify your ID, we’ll migrate your existing account(s) to IG Europe for you.
The platform won’t be affected, so at the time of the transfer:
Your login details, watchlists and trading experience will remain the same
The transfer may result in a taxable profit or loss for Spread betting accounts. This shouldn’t apply if you’re a resident of the UK or Ireland, but will depend on your personal circumstances
The money in your current accounts will be transferred to your IG Europe account(s)
Spread betting and CFD accounts
As part of the transfer process, we’ll need to close your open positions and then re-open them with IG Europe at the original opening levels. This will ensure that your running P&L won’t be affected
Share dealing accounts
Share dealing accounts won’t be transferred during this process.
Your account will be set to closings only and you will have up until 31 March 2021 to sell your holdings (commission free) or transfer out to a different broker.
To learn more on how to transfer out your holdings please click here.
What will happen to my funds?
Your funds will be transferred to IG Europe and placed in segregated bank accounts in accordance with BaFin’s client money rules, as opposed to FCA rules.
You’re currently protected by the Financial Services Compensation Scheme, but once your funds are transferred you’ll be covered by the EdW, which is the German equivalent.
When will the transfer take place?
The transfer will take place mid-January 2021. We will provide the exact date and time in advance so that you can monitor your positions.
Please note that between the 31 December 2020 and the migration date you will not be able to open any new positions due to your account being placed on closings only.
Where is IG Europe based?
IG Europe is based in Germany and is authorized and regulated by BaFin and Bundesbank. IGE offers a range of financial products, including CFDs, options and turbo warrants.
What happens if I don’t agree to the transfer?
If no deal is agreed, we will lose our ability to service your account(s) from the UK and they will need to be closed.
New website address
After the transfer is complete, you should log in to your account at www.ig.com/ie
You can continue to log in to your account via any one of IG’s websites, but you will need to use www.ig.com/ie if you want to find information about the products and services relevant to you.
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