Currency conversion

[Penguin1958]

The UK customer agreement for share dealing contains the text:

 

"When we consider it reasonably necessary, or when requested by you, we may also convert balances and/or money standing to your credit in a non-Base Currency into your Base Currency;"

 

One obvious condition for "we may consider it reasonably necessary" is where there is insufficent balance in the Base Currency to pay charges denominated in the Base Currency and so it is necessary to convert a portion of the non-Base Currency balance to a Base Currency balance.

 

However "we may consider it reasonably necessary" is totally open to IG interpretation so could you please explain what other reasons you might have for unilaterally converrting my non-Base Currency balance to a Base Currency balance.

 

As a frequent trader I use manual conversion to avoid paying Fx charges on every transaction and accept the comission charges for dealing under this regime in return. I do not however wish to wake up one morning to find my USD cash balance has been arbitrarily converted to a GDP cash balance withut explanation.

 

Thank you.