Jump to content
  • 0

IG refused a client with 22K AUD saving?


hanatan

Question

Hi, today, my friend who I referred back in January finally got an phone call from IG customer service, and her application was refused based on she didn't have enough saving. She told me she answered she had 22K AUD in saving and prepare to submit a statement, but the CS said no need, we couldn't approve because it's too little and refused to elaborate further. Try again next month, maybe rule changed.

It happened that she's my 5th referral and IG just sent an email yesterday saying that the referral program is ending 29th March. Maybe just coincident but whatever. Very disappointed, as we did all the correct thing only for IG to cite obscure rule trying to avoid paying the bonus they promised themselves. Other forum is saying that people should have 5K (in euro or pound), which is way less than 22K AUD, and IG Australia itself is saying there's no minimum required. What to do? It's of course within IG right to refuse any client, but this is just unfair. 

  • Thought provoking 1
Link to comment

8 answers to this question

Recommended Posts

  • 0
6 hours ago, hanatan said:

Hi, today, my friend who I referred back in January finally got an phone call from IG customer service, and her application was refused based on she didn't have enough saving. She told me she answered she had 22K AUD in saving and prepare to submit a statement, but the CS said no need, we couldn't approve because it's too little and refused to elaborate further. Try again next month, maybe rule changed.

It happened that she's my 5th referral and IG just sent an email yesterday saying that the referral program is ending 29th March. Maybe just coincident but whatever. Very disappointed, as we did all the correct thing only for IG to cite obscure rule trying to avoid paying the bonus they promised themselves. Other forum is saying that people should have 5K (in euro or pound), which is way less than 22K AUD, and IG Australia itself is saying there's no minimum required. What to do? It's of course within IG right to refuse any client, but this is just unfair. 

Thanks for your post. 

Although we offer the refer a friend scheme your friends have to go through out account set up process. If they don't have sufficient earnings/ savings/ experience we can't offer them an account. 

When you set up a referral your friend has to trade which is making us as a company money. It's not in our best interest to decline referrals. 

All the best 

  • Like 1
Link to comment
  • 0
On 05/03/2021 at 17:33, hanatan said:

Hi, today, my friend who I referred back in January finally got an phone call from IG customer service, and her application was refused based on she didn't have enough saving. She told me she answered she had 22K AUD in saving and prepare to submit a statement, but the CS said no need, we couldn't approve because it's too little and refused to elaborate further. Try again next month, maybe rule changed.

It happened that she's my 5th referral and IG just sent an email yesterday saying that the referral program is ending 29th March. Maybe just coincident but whatever. Very disappointed, as we did all the correct thing only for IG to cite obscure rule trying to avoid paying the bonus they promised themselves. Other forum is saying that people should have 5K (in euro or pound), which is way less than 22K AUD, and IG Australia itself is saying there's no minimum required. What to do? It's of course within IG right to refuse any client, but this is just unfair. 

To be honest bro the chances are she will most likely lose most of that money trading like over 95% of the traders out there. Applications are based on numerous metrics, but I assume if she had $22k savings but was only making $15k per year part time it would be sort of haphazard in a way for IG to say give her a margin account. Even more, they are probably being more cautious given the amount of new accounts signing up just to buy GME or other ultra speculative plays. 

Link to comment
  • 0

Same thing here. It's ludicrous the lack of transparency. I wanted to create an ISA account, while submitting the application I receive a pop up saying I already have an account. I login and was just an old account I used for demo, I try to create an ISA account but it only let's me create a CFD account (saying I will be able to add more account types later), I go ahead and get refused. I email support and get told that based on my income/savings I do not qualify for leveraged accounts, I explain to them I am not interested in CFDs, just ISA share dealing. They say I can then open an ISA account, I reply explaining that since the CFD one still looks pending it won't let me open an ISA account. This is literally ridiculous! You put me to open a CFD account, I just wanted an ISA! Fix your website and let me trade.image.thumb.png.ccaa555b04ede83ca5205257fa1167d7.png

  • Like 1
Link to comment
  • 0
On 09/03/2021 at 20:47, samiracaruso said:

Same thing here. It's ludicrous the lack of transparency. I wanted to create an ISA account, while submitting the application I receive a pop up saying I already have an account. I login and was just an old account I used for demo, I try to create an ISA account but it only let's me create a CFD account (saying I will be able to add more account types later), I go ahead and get refused. I email support and get told that based on my income/savings I do not qualify for leveraged accounts, I explain to them I am not interested in CFDs, just ISA share dealing. They say I can then open an ISA account, I reply explaining that since the CFD one still looks pending it won't let me open an ISA account. This is literally ridiculous! You put me to open a CFD account, I just wanted an ISA! Fix your website and let me trade.image.thumb.png.ccaa555b04ede83ca5205257fa1167d7.png

Hey, 

So sorry for the inconvenience and how it was dealt with. 

Your CFD account will now be declined. If you still want to have an account with us you can reapply and just select Share dealing (you have to have a share dealing account once opened you can add your ISA). 

Please note, if you have any difficulties signing up would it be possible for you to use a different email address (once opened we can change it back to you desired address). 

Apologies again with how this was dealt with. 

All the best 

Charlotte 

  • Thought provoking 1
Link to comment
  • 0

Similar story happend to me. Tried to open an account and was first refused. When i called the helpline the IG rep was very unhelpful and could not explain why my account was refused, simply said you need to have a minimum amount  bur refused to say what it was. When i said my funds would not come only from my savings but from my husband ones and we would like to maximise the ISA allowande between the 2 of us he suggested i should reapply.

after reaplying my account is now pending activation for 5 days while they review my docs (passport and utility bill). At this rate the tax year will end before i’m able to use this year ISA allowance. No one seems to get back to me on the chat support.

so far not impressed with the customer service. I’m trying to be patient but really...

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      22,985
    • Total Posts
      95,308
    • Total Members
      43,594
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    pb8080
    Joined 22/09/23 16:31
  • Posts

    • Traditional banking systems served as the gatekeepers of financial services for long, dictating how people access loans, save, and invest in opportunities. Typically controlled by a centralized system with a single authority such as a bank or government in total charge, this centralization is limited by high fees, restricted accessibility and slow transaction speed. Dentralized finance, DeFi, got introduced as a blockchain-based financial system that removes intermediaries or central authorities, and utilizes smart contracts instead. By eliminating intermediaries, DeFi delivers core benefits like improved accessibility into the financial system for everyone having internet connection regardless of their location. DeFi is also valued for its transparency. While traditional banking system often deny customers audits on how their assets are being managed, DeFi, through the help of blockchain allows anyone access to tracking and auditing transactions, thereby raising trust. Furthermore, DeFi also offers various financial services and products like DEX, lending and borrowing, stablecoins etc, all known to proffer varied innovative solutions, while operating 24/7 in contrast to traditional finance. DeFi isn’t flawless as issues like insecurity, lack of consumer protection etc are still prevalent; however, the growth of DeFi has been impressive; since its introduction, the total value locked in DeFi protocols has grown significantly indicating that the demand for DeFi services is fast growing. DeFi seems to be redefining financial industry by offering an alternative to traditional banking systems. With the increasing adoption, can we expect to see an overhaul in the way we access financial services?        
    • Leverage is good but please use it according to your risk management system coz the higher the leverage the higher the risk, I trade my perpetual futures on Bitget tho, the exchange offers high leverage but I only use according to my risk management system.
    • Yeah, BGB is designed to create a simple, secure, and accessible crypto ecosystem. It offers exclusive benefits to holders so I believe it worth holding from my analysis.
×
×
  • Create New...
us