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moved abroad - only few days left to withdraw funds


JohnNL

Question

I received inconsistent messages from IG before and after moving abroad. When I asked the question in October last year what the consequences are of moving abroad I was first told that I'd be required to close my account. After asking for further clarification, a second person told me that I'd still be able to trade from my account, but that I wouldn't be able to fund it with new cash. I could live with that.

Now that I've moved to the Netherlands and notified IG, I first received a message that my ISA eligibility has changed (no surprise there). The message also confirmed the previous reply from support that I can still trade from my account. The Q&A 'What do I need to do next' only says something about US tax forms, nothing about liquidating my account.

Dear Mr xx

As you have recently changed your country of residence, you’re no longer eligible for an ISA. You can still trade from the account, but you won’t be able to add more funds.

What do I need to do next?

If you currently hold US stocks with us, you’ll need to complete and submit a new US tax form (normally a W8-BEN) within 28 days in order to maintain your holdings (...)

 

But then last Friday (26/3), just before the market closing time, I got this shocking email with the subject 'Important: 5 days left to withdraw your share dealing funds'

 

Dear Mr xx

Your share dealing account is set to be closed from 31 March 2021 since we can no longer service European Economic Area (EEA) clients through the UK.

As you have funds on your account, you’ll need to withdraw them via My IG before Wednesday 31 March. After this, you may not be able to log in to your account – meaning you’ll have to contact us to withdraw your funds.

(...)

We will close your account once it is cleared of funds, and terminate our relationship, from 31 March. Termination is given pursuant to Term 26 of the latest Customer Agreement that governs your account with us.

You will be sent a closing statement within five working days of your account closing.

Please note that the above also applies if your shares are held in an ISA.

 

So I have exactly 2 working days to sell all my positions and withdraw my funds.

When I contacted support about this I received this rather abusive reply:

This is not a mistake as you would have noticed and been informed that your Share dealing account was set to closings only. Please refer to the correspondence previously sent out for more information on this.

Yes I was informed that my share dealing account was set to closings only. However, I was never informed that I had to sell everything by March 31.

So I have some questions:

1. Is it possible to get an extension to clear my account? 2 working days is not reasonable.

2. What if I don't do anything? Will IG sell my positions and transfer the funds to my bank account?

3. Why on earth do you send such conflicting messages to your customers? Can't you be transparent from the start and avoid such short-notice nasty-surprise emails??

4. Could you please teach your support some manners and politeness, and ask them to try to understand the customer's situation, especially when a failure of communication on the part of IG is the cause for the customer's frustration.

 

Thank you 

 

John

 

 

 

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