Stocks were sold then bought on my account without my consent?

[Itsbecauseofthem]

I recently got an email saying 10 shares had been sold then bought back "@ 0". I am a little confused, can someone tell me what is happening? 

 

thank you.

[AndaIG]

Hi @Itsbecauseofthem

Thanks for reaching out, 

ZIP company had an ISIN change, so the shares under the old ISIN were sold and bought back under the new ISIN. You can change your book cost by following the steps on the following link:

https://www.ig.com/au/help-and-support/investments/share-trading/how-do-i-edit-my-book-cost

All the best, 

Anda

[Lewy]

I’m in the process of transferring to a new broker from IG. They’ve specified that during this process I should not be trading any of my transferring shares YET, IG has saw fit to execute a sell bid on my behalf without my consent on VUL: 50, TWE: 10, and WEB: 30 of my shares!! And in the middle of my transferring to a new broker no less!! Could anybody shed light on this and weather it’s a usual thing IG does to clients ?!? 

Edited April 21, 2022 by Lewy
Adding evidence

[Itsbecauseofthem]

14 hours ago, AndaIG said:

Hi @Itsbecauseofthem

Thanks for reaching out, 

ZIP company had an ISIN change, so the shares under the old ISIN were sold and bought back under the new ISIN. You can change your book cost by following the steps on the following link:

https://www.ig.com/au/help-and-support/investments/share-trading/how-do-i-edit-my-book-cost

All the best, 

Anda

Hi AndalG, does this mean I have lost money?

[AndaIG]

Hi @Itsbecauseofthem

No you would not have lost any money. It's like a name change, no financial consequence. You simply need to change your book cost to reflect what you purchased the shares for so that your P&L calculates correctly. 

All the best, 

Anda

 

[ArvinIG]

On 22/04/2022 at 00:58, Lewy said:

I’m in the process of transferring to a new broker from IG. They’ve specified that during this process I should not be trading any of my transferring shares YET, IG has saw fit to execute a sell bid on my behalf without my consent on VUL: 50, TWE: 10, and WEB: 30 of my shares!! And in the middle of my transferring to a new broker no less!! Could anybody shed light on this and weather it’s a usual thing IG does to clients ?!? 

Hi @Lewy,

These positions were closed at the level price of 0, meaning there were closed manually by our team to be transferred. The system requires our team to close the positions at 0 to be modified, the same process happens for Corporate actions.

All the best - Arvin