Are IG selling our details for profit?????

[Chrisblu1]

James from IG yesterday assured me IG were not selling our details - I believe this is untrue and a party line and that they are using clients details for monetary gain. If you look at the terms they: "collect information about your income and wealth including details about your assets and liabilities, account balances, trading statements, tax and financial statements, location and trading performance".

 

Kinda thorough I think we all agree, so what do they have planned for this?????

 

"Who may we disclose personal information to?"   "service providers and specialist advisers who have been contacted to provide us with admin, IT, financial, regulatory, compliance, insurance, research and OTHER SERVICES & introducing brokers with whom we have a mutual relationship"

 

So it may be semantics but this looks like business/legal mumbo jumbo if ever I saw it  for we are flogging you info. Technicalities can hide many a sin, and to make people sign the disclosure or we will take our ball away really does sum up IG this year.

 

Obviously like the new platform, guaranteed stops, change in funding etc etc IG will carry on regardless of clients wishes & best interests. Really disappointed in the sea change that has happened over the recent months that is so clear to see.

 

Thought I would ask the question & provide evidence that seems to support this. 

[JamesIG]

Hi  - First of all let me assure you that we are not selling your details. Not only would it be an awful business decision, but it would also be entirely opposed to our long term strategy, completely unprofitable and illogical. As a stock broker and leverage trading firm our business model is built around clients executing trades and dealing both DMA and OTC. There is no benefit what-so-ever in selling your details. We aim to be as transparent as possible when it comes to important changes such as this because we know that it's something that matters to clients, so let me try and clarify a few things.

 

As previously referenced in this thread, we made clients aware of changes to both Terms of Service and our Privacy policy before the event, and requested that anyone who would like more information on this, or would like to discuss the matter further, contact our customer support desk for a one-on-one walk through. If you would prefer you can also request to speak to one of our Senior Sales Traders who, as the name implies, have seniority over the wider team.

 

Let me try and break down your queries here, but let me know if we can help further.

 

The first part of your message refers to our Customer Agreement. (Customer Agreement in black, replies in green).

 

"collect information about your income and wealth including details about your assets and liabilities, account balances, trading statements, tax and financial statements, location and trading performance"

 

IG is an FCA regulated, UK listed financial spread better, leverage provider, and stockbroker who offer a leverage trading platform on a multitude of assets. There is a requirement to make sure that the services which we offer are suitable for our client base so we need to go through this suitability due diligence procedure.

 

As you are dealing on a leverage trading account there is a chance that you could lose more than you have in your account. It's worth noting that we have risk management tools such as guaranteed stops which can limit your downside risk if you wish. We also need to make sure that the products we offer are in line with your residency - for example we wouldn't offer a UK Shares ISA which offers tax efficient investing to a continental European client. 

 

In regards to your query regarding the updated Privacy Policy. (Policy in black, replies in green. I believe most of these are clear enough, but if you want further insight please let me know).

 

We have updated our Privacy Policy to better reflect the General Data Protection Regulation (GDPR), the new legal framework in the EU which replaces the existing UK Data Protection Act 1998 (DPA) and will apply in the UK and EU from 25 May 2018.

 

• other companies within the IG Group who provide financial and other back office services
  At a corporate and legal level we operate different subsidiaries. For example South Africa and the UK would both be under the 'IG Group' umbrella, but have their own respective offices and abide by local jurisdictions. You can see more about IG Group here.
• service providers and specialist advisers who have been contracted to provide us with administrative, IT, financial, regulatory, compliance, insurance, research or other services
  As stated this is for third part providers who help with administration etc. For example if we use a third party auditor to assist in creating stockbroking tax statements, or a third party provider who assist in regulatory adherence etc. 
• introducing brokers with whom we have a mutual relationship
  We work with a number of partners and introducing brokers. For example if you signed up to Hargreaves HL Markets to trade CFD's, then you would fall under this classification as they are one of our partners. 
• credit providers, courts, tribunals and applicable regulatory authorities as agreed or authorised by law or our agreement with you
• credit reporting or reference agencies
• anyone authorised by you

 

I hope this clarifies things for you and the wider IG Community.

All the best.

[Chrisblu1]

Appreciate your response, the wording does leave it open to interpretation. Disclosing info & mutual benefit are the sort of terms that are so general they could mean anything by law once someone has agreed to it!! I always like having things out in the open, I have no interest in personal phone calls etc best on a forum for all to see.

 

My contact details are pretty clean so I will be able to tell if there are "new" other services touting garbage. There has 100% been a change of strategy from IG - changing certain things guaranteed stop loss/funding/platform etc with no logic but somehow making out they are in our interest which clearly they are not, so this is why it would be no surprise to me if it were to happen. Sad how my viewpoint of IG has changed in a few short months.......................