IG refused a client with 22K AUD saving?

[hanatan]

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. 

[CharlotteIG]

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 

[JackSparrow]

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. 

[Joo]

IG did her a favor.

[samiracaruso]

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.

[CharlotteIG]

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.

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 

[ISA_girl]

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...

[ISA_girl]

So i replied to this thread but my reply is subject to moderator approval...it’s been 30 hours since i replied 😳

[ISA_girl]

So my account is still not active... 7 days and counting...🙄