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Outraged by the increase in minimum deposit


theSarayiahpost

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Think it should be up to the client but it seems IG are not too interested in that as can be seen from their new platform roll out, but I thought the last minute rushed way they went about letting clients know seems to sum up them up recently!  With brexit/Trump/election everyone gets a few days/week notice of changes, but 150% increase in min deposit a few hours - poor form IG.

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Seems to me like a quite unreasonable cranking-up of top-up minimum.  Can't see why anyone at IG should think it's a good idea.

 

I guess there are people in the industry to whom £250 is small change.  Just goes to demonstrate the extent of the financial inequality in this country and that it is increasing.

 

I'm not well suited by this change.  In fact I'm a bit pissed-off by it.

 

 

 

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I have just made a complaint to the Financial Ombudsman.  You need to complain to compliance@ig.com first and wait for their response.  If their response is the same as the one I received they will say you can go direct to the ombudsman now or wait up to 8 weeks for their compliance team to investigate.  I went to the Ombudsman, which is very simple. You just speak to them on the phone and they open a case for you there an then - the number for the ombudsman is 0800 023 4567  and if enough people do that then maybe IG will get the message and it costs IG £500 every time someone makes a complaint to them.

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Make a complaint Magpie.  If everyone who is unhappy with this - who quite rightly think it is very unreasonable, unfair etc make a complaint to the ombudsman then that hits IG where it hurts, as it costs them £500 every time someone makes a complaint to the Ombudsman.

 

First port of call is to complain to compliance - compliance@ig.com and then wait for their response.  They should then give you the option to go to the ombudsman and then do so - call the ombudsman on 0800 023 4567. You simply make your complaint over the phone. It is that simple.

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Thank you for the experiment. Which bank did you make the transfer from and you don't know whether it will be like that for future deposits.

 

Also, that isn't the point Chris.  It isn't instant and we shouldn't have to jump through hoops or over hurdles in order to give a company our business.  If people were to complain in enough numbers then IG would be forced to retreat as if everyone costs them £500 by going to the Ombudsman - how many complaints would they suffer before it starts hurting them financially. 

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Hey thesarayiahpost

 

HSBC, the details are logged with them now but it depends on whether it is automatic at IG's end, or manual? Don't know this maybe a moderator can let us know.

 

I didn't like the way they went about it all last minute and sneaky, but this worked for me. If this changes I will update but until then its a solution and only took a few mins.

 

Good luck  

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Hello all, I just wanted to offer some clarity on the points raised in this post.

 

Firstly, there was no intention of surprising or tricking clients with the new minimum card deposits on our side - it's really not in our interest to do so and we will always carefully consider how best to communicate and implement any changes like this.  I'd welcome any feedback on how you feel we could improve this process of course.

 

One of the main changes, do remember, is that credit card and PayPal payments are now free of charge for depositing funds into your account, something we hope will improve your experience when adding money to trade.

 

Also remember that if you would like to continue with the smaller minimum deposits, you can do so by bank transfer - this hasn't changed.  As bank transfers can take longer to clear (even if you use a faster payment service, there is a more manual process to check and allocate deposits to your account), please always forward us proof of payment so that we can identify and accept your funds as quickly as possible.  If you need any more information on the bank transfer procedure, please just ask.

 

One of the main reasons for the increases to minimum deposits is actually to reduce or avoid the times when a client account falls into margin call, due to insufficient funds.  We're aware that this can be a negative, frustrating or concerning experience, so the more funds you have as a 'buffer' against dropping into a deficit, the less likely you will find yourself on margin call, and the more secure your positions.

 

I hope this provides more information and clarity for you all, but please do let me know any questions you have, or feel free to contact our helpdesk at any time.

 

Thank you,

Hannah

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Hi Hannah,

 

thanks for your response - the main issue being this clarity should have come a week before you implemented it???? This change appeared 4-5 hours before you made it which appeared sneaky in my mind. You guys give plenty of notice of margin changes ( a week or so) in the case of brexit/elections etc but not this time?

 

I call it as I see it - I tried the bank transfer and it worked fine and I said so, been happy with IG for 10 years and I said as much, not happy with the new platform and I'm going to keep saying that until I'm happy or leave. Didn't like the short notice - if you emailed what you said a week before it would be reasonable notice even if people don't like it.

 

Also the risk of larger deposits is perhaps people will trade larger size instead of understanding risk/margin ,as they see more in their account to trade with possibly negating your altruistic main reason????

 

 

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Hannah

As I said very bluntly to you on the phone. You are speaking utter rubbish.  The reason why IG did this is to force certain clients from trading with them. That is the only reason.  The so called 'trying to help clients from going into margin' by raising the minimum deposit is incredulous. 

 

Don't try and justify what your firm has just done. It is disgraceful as are your lies.

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Yes I have just seen this disgusting new scenario - I think IG are turning into one of the worst spreadbettors - how can a guaranteed stop require more margin than at risk - this is a truly shocking turn of events and I think someone should explain exactly why - who does it help, I mean this is truly anti client to the extreme - what route are you taking IG - if you want to higher net worth clients become a real broker but  you are a taker of bets a bookie, and starting to turn against your client base.

 

I notice in there snidey back hand email they can't offer WHY - funny that. Are IG not trustworthy that they can't commit to actually guarantee a position - I bet its somehow our fault and they are doing it for a higher altruistic purpose.

 

So a new dud platform and a guaranteed position with more margin at risk than should be required - 100% agree Outrageous, weak, snide, disgusting, anti client, man you guys have really set a new low in 2017 - how sad after 10 years!!!

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I agree with the sentiment. Hard to see how this is justifiable. The helpdesk came up with this rather feeble response to my query - 

 

"Increasing the margin requirement was a business decision taken by our executives. By doing so we are decreasing the risk for clients as it limits the amount of leverage that can be taken on."

 

As you suspected, the 'altruistic' rationale is provided...

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My last post was deleted by IG for being aggressive! Sorry if I hit a nerve with such sensitive characters. As I pointed out this is what IG are with their new 2017 client friendly and loving strategy.

 

This has been quite a year - a new FABULOUS platform with no issues & everyone loving it, and now change in the way you can fund your account with zero notice(marvelous) and a guaranteed position you have to pay margin more than you risk which is the icing on the cake - Well done IG. You guys ROCK da boat, its like spreadbet heaven all fluffy, great and 100% non-aggressive!!!

 

 

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Hi Val,

 

you only need to send that much by card. If you set up a bank transfer you can send smaller amounts if you want. Just go to payments section and read ALL of the instructions about bank transfer especially the part about your name & IG acc number for reference, making sure you send to the correct acc CFD/shares or spreadbet as the acc nubers are different. You can send any amount and once set up with your bank with IG as a payee its pretty easy and if I send it now 9.30pm you can normally use it tomorrow morning - so not instant but ok for my purposes.

 

Plenty of other spreadbettors, but you have to do your own due diligence on them.

 

Cheers

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