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Funds in AU Account frozen over an alledged linked overseas account ?


presto

Question

IG recently claimed that my account here with IG Australia is somehow linked to an account which trades with IG Singapore.    As there is an outstanding debt that IG Singapore failed to recover from the Singapore account, they freeze the funds of my account here with IG Australia and will transfer my fund to the Singapore account to offset the outstanding balance.    IG Australia claimed that they can do this because there is a clause in the terms and conditions which I signed and agreed to when I opened the account.

 

Could such a clause be valid from a legal standpoint or enforceable in Australia when IG Australia and IG Singapore are 2 different legal entities based in different jurisdictions?    This is simply unheard of.    I also thought our fund is held in a trust account, that should prevent IG from withholding our fund or using our funds in any way without our consent or approval.     

 

Any thoughts or advice ?

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