Unfortunately for me the compliance team gave me a final letter/decision on their first reply so I didnt keep going back and forth, as the FOS asks for their 'final letter', I thought I might as well just progress the matter. It could be because I lost a large amount (five figure some) and they prefer to direct me to FOS than give me a full refund even though they might believe I am in the right. I think with small sums/losses they are happy to consider cases and offer refunds.
I am in the process of getting a refund by going through the complaint process and have escalated it to the Financial Ombudsman Service. I will also write to the FCA and complain about their shoddy service. IG request you to first file a complaint and responds within 8 weeks (for me it was 4 weeks). They will end up fobbing you off and might offer a derisory offer (for me it was £1k, but my losses was FAR MORE!) if you are not happy with their response then you can escalate matter to FOS which I have since done and am awaiting their response (which can take 6 months or more!). They are very busy and feel IG purposely relies on private investors are put off complaining and taking the matter further, so offer a miserly amount (e.g. £100-£1000 depending on loss) hoping PIs accept it and just move on and are happy to let the FOS make the final decision, knowing that many wont go down this road thereby saving money by not automatically refunding PIs and passing the buck.
I feel due to platform not working (not being able to login) and phone system down violated their own T&Cs being able to trade and there are a couple of statuory laws which I feel favour the private investor. These are, 'fitness for purpose' under Consumer Rights Act 2015 section 49, 54 (Consumer's rights to enforce terms about services) and 55 (right to repeat performance), as well as 'the level of care' as stated in the Financial Services and Markets Act 2000 whereby "(e) the general principle that those providing regulated financial services should be expected to provide consumers with a level of care that is appropriate having regard to the degree of risk involved in relation to the investment or other transaction and the capabilities of the consumers in question."
IG are expecting to refund PIs as in their 24th April'20 RNS with reference to increase in the provision of bad and doubtful debts, which in my opinion relate to clients losing money from IT failure.
https://www.investegate.co.uk/ig-group-hldgs-plc--igg-/rns/trading-update/202004240700037217K/ "Operating expenses, excluding variable remuneration, are now expected to increase by around £40 million in FY20, to £300 million. The further increase in costs reflects the impact of the growth in the active client base and the high levels of client activity in Q4 and an increase in the provision for bad and doubtful debts."
GOOD LUCK ALL - DONT BE AFRAID TO COMPLAIN TO FINANCIAL CONDUCT AUTHORITY AND FINANCIAL OMBUDSMAN OFFICE.