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Closing Only


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On 22/02/2021 at 15:47, CharlotteIG said:

 

I'm going to pass all feedback onto our senior team regarding these changes.

Apologies again for the inconvenience but know these comments are getting pushed to senior teams so thank you for posting them. 

All the best. 

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

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It has cost me several hundred pounds to swap £20k of SBs to shares. Annoyingly, because it takes time to withdraw money from IG, I have had to buy the shares in my IG account rather than elsewhere, as news is expected and I don’t want to risk missing out on any rise.  But I am really looking for answers from IG on this if I am to continue trading here. 

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And on top of the cost of several hundred pounds to close SBs and buy shares, I have had to close other positions, including forward positions that sold for less than the corresponding DFB,  and sell some shares to generate enough cash at such short notice. IG really needs to realise that they need to give a lot more notice of such actions.

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On 24/02/2021 at 16:15, ColinJ said:

@CharlotteIG - the forced closing of positions in affected markets is completely unacceptable business behaviour; open positions should remain as is until closed by customer at whatever timescale they decide

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

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Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

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57 minutes ago, Davap said:

Charlotte, we keep seeing the message that's it's small caps that have been withdrawn. It isn't.  For example, Hikma has a market cap of £5.2bn and is in the FTSE100. How do we know which other companies IG might decide to do the same to?

We are also told that it's due to exceptional client demand. In that case, limit new opening positions (buy and sell). Why should we long-term clients suffer due to this?

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients.  The exceptional mob will not be around for the long haul.  As a result of what IG have done, long term clients may not be around for the long haul either.

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1 hour ago, StormChaser said:

Maybe IG have decided that with such exceptional demand, they don't need to worry about long term clients.  The exceptional mob will not be around for the long haul.  As a result of what IG have done, long term clients may not be around for the long haul either.

@CharlotteIG

This is not frustration Charlotte, this is absolute anger, rage and fury; I have affected positions that are currently trading at a loss which could easily be in profit in a timescale acceptable to me - in the meantime I pay the associated costs, Saga being a prime example, yet IG are forcing me to take £000's of cash loss through no fault; IG have accepted a commercial contract on which they are now reneging at my significant cost

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if you were willing to let your clients purchase something you cant then say ohhh no we have changed our minds you have to sell it......im covering the 100% margin you requested ive serviced all charges required to maintain my possition ....there is no ethical reason that allows you to force my possition in any way... we made a deal ...... when i purchased stocks from you and they plummeted did i say ohhh no sorry i didnt really want them can i have my money back .....this is unacceptable behaviour and i will definately be pursuing it a lot further

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Dear All

simplest solutions to all this kafafo is that IG is like communist Broker , Do as we tell u. Once this matter resolves you people should be thinking about also dealing with another Broker . why stick to IG. Broking is not Monopoly Business, and let me tell you one thing . Brokers do not give Monkeys about their customer, IG is no exception. why are you all getting your Blood pressure high . Once you start giving some of your business to other broker then IG blood pressure will get high ( Loss of Income )  if you want to understand how Brokers work then please listen on YOU TUBE all free videos of Golldman sachs Broker who now has his own business, His name is Anton Kreil .His brokerage firm is called ITPM .Listen to his free videos .You will understand everything about Brokers attitue towards their customer. I have lost quite lot  of money in past with IG. After Listening to Anton I am slowly now controlling my Losses and had much success . Over a period of time I will make sure that I have very little Losses to give to IG  . Sometimes it is worth Investigating in to market to see what other Brokers are Offering and their services . It is is Competative Business and go where you get good service. From my Banking Experience I know that all Multinational Companies deal with more then One Bank , so why are Retail Traders not following the same Principal.  Good Luck Trading 

 

 

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4 hours ago, CharlotteIG said:

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

pffft inconvenience really ..... you were happy too sell these equities too us your customers in the first place ....your change of how you now view these products surely should only affect your client involvement after your view was changed .....when i purchased my products from you it was never pointed out to me that although i have paid for and fully serviced my purchase you could at any time change your mind and confiscate my products just because they are no longer profitable assets to yourselves.....when a trade is made you are obliged to fulfill it full stop....this must be illegal surely

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12 minutes ago, bapu1 said:

Dear All

simplest solutions to all this kafafo is that IG is like communist Broker , Do as we tell u. Once this matter resolves you people should be thinking about also dealing with another Broker . why stick to IG. Broking is not Monopoly Business, and let me tell you one thing . Brokers do not give Monkeys about their customer, IG is no exception. why are you all getting your Blood pressure high . Once you start giving some of your business to other broker then IG blood pressure will get high ( Loss of Income )  if you want to understand how Brokers work then please listen on YOU TUBE all free videos of Golldman sachs Broker who now has his own business, His name is Anton Kreil .His brokerage firm is called ITPM .Listen to his free videos .You will understand everything about Brokers attitue towards their customer. I have lost quite lot  of money in past with IG. After Listening to Anton I am slowly now controlling my Losses and had much success . Over a period of time I will make sure that I have very little Losses to give to IG  . Sometimes it is worth Investigating in to market to see what other Brokers are Offering and their services . It is is Competative Business and go where you get good service. From my Banking Experience I know that all Multinational Companies deal with more then One Bank , so why are Retail Traders not following the same Principal.  Good Luck Trading 

 

 

most people are fully aware that the system is against them any greed motivated bussiness has only its own self interest in mind .... they get away with it because no one stands up to them .... the appropriate channels are all biased to the money maker ,,,, there is now another route for ya plain old guy on the street,,,, social media is a powerfull tool ...... the fca and all the other **** pot organisations only pull there pants down for big companies ...ig cant do what they like when they like that bad bussiness 

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On 26/02/2021 at 15:34, CharlotteIG said:

Hey, 

I completely understand your frustration and I will pass it onto our senior team as well as the exposure desk. 

The decisions has been made but I'm so sorry for how it's impacting your trading. With exceptional client demand in the equity space, we have reviewed our 12000 leveraged markets and decided to withdraw less than 1000 small cap equities, after a review of associated returns on these markets. We will continue to support these markets for Share Dealing, where that product is available.

Sorry again for this inconvenience. 

All the best 

@CharlotteIGIf you are sorry for the impact, please advise immediately what action you are going to take to resolve the fact you are going to remove £000's of funds from my account through no fault of mine by forced closure? And please, Charlotte, this is not an inconvenience, this is a disgraceful unacceptable business behaviour

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Forced closing for clients who came up with 100% margin is ridiculous. They will force us to take losses on positions that would turn green a couple months later. But let's not forget that IG is NOT a broker, IG is a casino, we are trading CFDs, not stocks. Once the CFD turns against IG they want out of the position and it doesn't matter who is hurting, they just want out. I guess they haven't found anyone to "buy back" the CFDs from them to let us keep our positions, there is nobody willing to take the other side of the trade on our CFDs because our win ratio is too good.

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  • 2 weeks later...

If a client buys a DFB contract dated 2029, which most of them are, how is it legal and/or FCA compliant for IG to end the contract earlier by forcing clients to close prematurely even when their accounts are not on margin call? The premise of the trade is that IG takes the equivalent underlying position and funds it with the daily interest charges so why is it not able to hold the position open indefinitely?

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  • 3 weeks later...
On 02/03/2021 at 13:21, StormChaser said:

Whatever about putting them on closing only and restricting new positions, change to 100% margin and introducing forced closure is a direct action against clients.

PPI has been paid back by banks as customers complained to the FCA.  I think all clients should make a complaint against this forced closure as IG can bankrupt anybody out of no fault on our part.  They should pay!

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I have made an official complaint to the financial ombudsman. I suggest others do the same. IG were well within their rights to increase margins to manage "risk" although the risk is zero at 100% margin... but changing their terms and conditions and then mistreating their customers is pretty poor form. Don't take it lying down.

https://www.fca.org.uk/consumers/how-complain

https://help.financial-ombudsman.org.uk/help

Here are IGs details for the complaint:

IG (IG Index Limited and IG Markets Limited)
Cannon Bridge House
25 Dowgate Hill
London
EC4R 2YA
UNITED KINGDOM

Edited by smi1680
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