IG is refunding losses incurred in complex instruments

[jasear]

Has anyone else received this email? I got this email from IG today and they also refunded me some money (although its the wrong amount).

Did they get sued by someone? Has anyone got any more information on this?

[ArvinIG]

2 hours ago, jasear said:

Has anyone else received this email? I got this email from IG today and they also refunded me some money (although its the wrong amount).

Did they get sued by someone? Has anyone got any more information on this?

Hi @jasear,

IG did sent an email out to non-leveraged accounts affected by the complex instrument issue.

You received this email because you’ve traded one (or more) of these products where it may not have been appropriate for you. Where that is the case, we should have provided you with a risk warning before allowing you to trade.

We believe it’s fair to compensate clients for losses incurred on these complex products where we should have displayed a risk warning and did not do so. We’ll reimburse your IG account shortly after you receive this email.

Please reach out to helpdesk.uk@ig.com or call 0800 195 3100 for further assistance.

Thank you - Arvin

[Member]

I got the same email but it is quite vague from IG as it does not list which products they are referring to.

Also, i have ongoing dispute with IG regarding redemption of SPAC shares which i believe has prompted this.

I can't provide further info into the dispute as it is still ongoing.

[jasear]

Thanks Arvin, 

I got the email but I am not sure if IG took this action as a result of a class action suit. Can you please confirm if you were sued? If so then I would like some more information on the case and the ruling so I know what I am eligible for.

[ArvinIG]

On 27/11/2021 at 01:14, Member said:

I got the same email but it is quite vague from IG as it does not list which products they are referring to.

Also, i have ongoing dispute with IG regarding redemption of SPAC shares which i believe has prompted this.

I can't provide further info into the dispute as it is still ongoing.

 

On 27/11/2021 at 10:02, jasear said:

Thanks Arvin, 

I got the email but I am not sure if IG took this action as a result of a class action suit. Can you please confirm if you were sued? If so then I would like some more information on the case and the ruling so I know what I am eligible for.

Hi @Member @jasear,

I have contacted the Compliance department. They confirmed that it is not the result of a class action. I can inform you that this action is being taken as the result of an internal IG decision.

All the best - Arvin