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Refund of money lost due to platform failure?


vvspikevv

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This is the third time this has happened to me where I am watching levels only not to be able to action my positions which has cost me another several hundred pounds today! Does anyone know if there is recourse to claim this money back from either IG or take it to the financial ombudsman ?

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Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative. I had luckily took a video with my phone as a proof otherwise theyr would have not refund anything. 

 

Edited by NicolasBlinche
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2 minutes ago, NicolasBlinche said:

Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative. I had luckily took a video with my phone as a proof otherwise theyr would have not refund anything. 

 

OMG how to record?!
I didnt record anything and now too late to do anything

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2 minutes ago, NicolasBlinche said:

Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative. I had luckily took a video with my phone as a proof otherwise theyr would have not refund anything. 

 

That’s smart! Could you please advise which recording tool you are using, it’ll come in handy for more of us! 
Thank you, and good luck! 

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5 minutes ago, NicolasBlinche said:

Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative. I had luckily took a video with my phone as a proof otherwise theyr would have not refund anything. 

 

I do not believe that IG will refund any thing based on a video . This is not serious. 

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They did. 3 month after back and fourth with complience team.

They didn't want to refund at first. They just wanted to give a 100£ refund on a 2k loss. I have then brought this further to compliance and 2k have been refund because my video prooved there was a bug with IG charts

Edited by NicolasBlinche
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15 minutes ago, NicolasBlinche said:

Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative. I had luckily took a video with my phone as a proof otherwise theyr would have not refund anything. 

 

 

12 minutes ago, izz said:

OMG how to record?!
I didnt record anything and now too late to do anything

 

20 minutes ago, vvspikevv said:

This is the third time this has happened to me where I am watching levels only not to be able to action my positions which has cost me another several hundred pounds today! Does anyone know if there is recourse to claim this money back from either IG or take it to the financial ombudsman ?

 

11 minutes ago, KayMuy19 said:

Currently doing screen shots of all balances - I wanted to close my positions seeing DOLLAR move up.

You cant access the number either??

 

 

11 minutes ago, pontys said:

That’s smart! Could you please advise which recording tool you are using, it’ll come in handy for more of us! 
Thank you, and good luck! 

 

8 minutes ago, ddk said:

I do not believe that IG will refund any thing based on a video . This is not serious. 

 

7 minutes ago, NicolasBlinche said:

They did. 3 month after back and fourth with complience team.

They didn't want to refund at first. They just wanted to give a 100£ refund on a 2k loss. I have then brought this further to compliance and 2k have been refund because my video prooved there was a bug with IG charts

 

4 minutes ago, ddk said:

I am thinking to stop using IG as soon as i close all possitions. Far too many problems with their platform.

 

Thank you for your posts and apologies for the platform issues. 

You can check the progress here: https://status.ig.com/

If you could not get into the platform and have trades that were impacted please let us know via email so we can look into this for you. 

Please only call us if you need to close a positions. 

Apologies again from IG. 

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1 minute ago, NicolasBlinche said:

Usually IG does refund if the error is 100% theirs but often you need to provide yourself Screenshot and video... which is a little ridiculous.

I'm now using a Desktop recoding tool every single time I trade with IG because last time there was an outage I couldn't close some long position I had which then endup being all negative.

 

 

5 minutes ago, MikeBamber said:

IG have just agreed to refund my loss. 

Good on them, that was the right thing to do.

How long did it take to get through to them?

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just switched over from spreadex recently but this couldn't happen at a worst time for me.  Ive been on the phone 0207..number and its been complete silence best of 30mins+ and its just silent ….how long do I need to wait...I certainly don't expect to record my desktop in this day and age. Shall I stay waiting on the phone

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19 minutes ago, MikeBamber said:

IG have just agreed to refund my loss. 

Good on them, that was the right thing to do.

Very reassuring to read about IG doing the right thing in this instance, especially given my growing concern from reading some other, less positive posts. Commiseration that you missed taking a profitable trade, but I guess a break even is better than a loss.

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6 minutes ago, Guest JJP said:

Very reassuring to read about IG doing the right thing in this instance, especially given my growing concern from reading some other, less positive posts. Commiseration that you missed taking a profitable trade, but I guess a break even is better than a loss.

Ha, it was a long scalp on the S&P, so wasn't going to make me rich anytime soon!!

 

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IG would like to apologise for the platform issues we were having. The issues have now been resolved but we urge you to reach out to us via email (helpdesk.uk@ig.com) if your positions were negatively impacted.   

You can always check our platforms errors here: https://status.ig.com/

 

We're truly sorry but want you to reach out to us so we can correct your accounts. 

All the best 

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So I Patiently waited all day to take my trade for my sell postion @ 11190 and when I do it at 11185 the app crashes on my phone on iPad and on my laptop so I don’t know if the trade was taken or not. When it does restarts only to find out it wasn’t taken and the Dax is down 100 points . No proof and what comeback do I have on that. Very disappointing. Not a happy man . Unfortunately my account needed that trade now I’m back to the drawing board. 

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14 hours ago, CharlotteIG said:

 

 

 

 

 

 

 

 

Thank you for your posts and apologies for the platform issues. 

You can check the progress here: https://status.ig.com/

If you could not get into the platform and have trades that were impacted please let us know via email so we can look into this for you. 

Please only call us if you need to close a positions. 

Apologies again from IG. 

System crashed, cnt see my open trades, and I'm on a loss of $7000 and counting. been trying to close my position,  but cnt see my trades. Want to open some trades, but afraid that I wont be able to see my trades. this is very frustrating.

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14 hours ago, CharlotteIG said:

 

 

 

 

 

 

 

 

Thank you for your posts and apologies for the platform issues. 

You can check the progress here: https://status.ig.com/

If you could not get into the platform and have trades that were impacted please let us know via email so we can look into this for you. 

Please only call us if you need to close a positions. 

Apologies again from IG. 

Its visible now, with massive losses, I'm to close my positions at a loss ? would you guys pay me back? i have sent an email but havnt got a reply yet. tried calling the Australian number but it hangs up on me. your customer service needs to be improved big time.

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On 21/05/2020 at 15:55, vvspikevv said:

This is the third time this has happened to me where I am watching levels only not to be able to action my positions which has cost me another several hundred pounds today! Does anyone know if there is recourse to claim this money back from either IG or take it to the financial ombudsman ?

Just wanted to update my post to say IG contacted me asked me to call them to discuss. They were very good, and after looking at the market at the period this happened agreed to refund the trade I would have closed in profit. I did not have any video proof nor was asked for any, it was just a civilised conversation and they were very understanding. I wish I had contacted them before with the previous issues as they said they could have rectified these too (but too late now for the previous issues)

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On 21/05/2020 at 16:07, NicolasBlinche said:

They did. 3 month after back and fourth with complience team.

They didn't want to refund at first. They just wanted to give a 100£ refund on a 2k loss. I have then brought this further to compliance and 2k have been refund because my video prooved there was a bug with IG charts

Unfortunately for me the compliance team gave me a final letter/decision on their first reply so I didnt keep going back and forth, as the FOS asks for their 'final letter', I thought I might as well just progress the matter.  It could be because I lost a large amount (five figure some) and they prefer to direct me to FOS than give me a full refund even though they might believe I am in the right. I think with small sums/losses they are happy to consider cases and offer refunds.

I am in the process of getting a refund by going through the complaint process and have escalated it to the Financial Ombudsman Service. I will also write to the FCA and complain about their shoddy service.  IG request you to first file a complaint and responds within 8 weeks (for me it was 4 weeks).  They will end up fobbing you off and might offer a derisory offer (for me it was £1k, but my losses was FAR MORE!)  if you are not happy with their response then you can escalate matter to FOS which I have since done and am awaiting their response (which can take 6 months or more!).  They are very busy and feel IG purposely relies on private investors are put off complaining and taking the matter further, so offer a miserly amount (e.g. £100-£1000 depending on loss) hoping PIs accept it and just move on and are happy to let the FOS make the final decision, knowing that many wont go down this road thereby saving money by not automatically refunding PIs and passing the buck.

I feel due to platform not working (not being able to login) and phone system down violated their own T&Cs being able to trade and there are a couple of statuory laws which I feel favour the private investor.  These are, 'fitness for purpose' under Consumer Rights Act 2015 section 4954 (Consumer's rights to enforce terms about services) and 55 (right to repeat performance), as well as 'the level of care' as stated in the Financial Services and Markets Act 2000 whereby "(e) the general principle that those providing regulated financial services should be expected to provide consumers with a level of care that is appropriate having regard to the degree of risk involved in relation to the investment or other transaction and the capabilities of the consumers in question."

IG are expecting to refund PIs as in their 24th April'20 RNS with reference to increase in the provision of bad and doubtful debts, which in my opinion relate to clients losing money from IT failure.  

https://www.investegate.co.uk/ig-group-hldgs-plc--igg-/rns/trading-update/202004240700037217K/ "Operating expenses, excluding variable remuneration, are now expected to increase by around £40 million in FY20, to £300 million.  The further increase in costs reflects the impact of the growth in the active client base and the high levels of client activity in Q4 and an increase in the provision for bad and doubtful debts."

GOOD LUCK ALL - DONT BE AFRAID TO COMPLAIN TO FINANCIAL CONDUCT AUTHORITY AND FINANCIAL OMBUDSMAN OFFICE.  

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On 21/05/2020 at 16:07, NicolasBlinche said:

They did. 3 month after back and fourth with complience team.

Which very few people will have the patience to do ...

Oh and of course you can file a complaint with the Ministry of Truth and wait another three years on top of that if you like ... (assuming the value of your time and effort to be equal to zero)

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2 hours ago, barry7376 said:

The further increase in costs reflects the impact of the growth in the active client base and the high levels of client activity in Q4 and an increase in the provision for bad and doubtful debts.

I.e. the web platform is sh!te haha.

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Seriously All the people in this thread who lost money with platform failure  , don't you think short term postions could have gone other direction as well before it works again . 

I suggest you give up trading because you  would be mostly the 76% losing ! 

 

BTW there is no way you will get a refund save your time !

Edited by Dummy1
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I also have enjoyed a system failure of watching a volatile Dow Jones position go from where I wanted to close at + 17K to a stop loss of 5 K in the matter of 1 hr  and enjoyed a beer at the end of the day :)

Edited by Dummy1
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