Welcome - Let's all make sure IG don't get away with it any longer!

Please Click on the blog link to see comments submitted via the site or the feedback link to see emails from IG Index and IG Market employees and customers.

IG Index made me £20 000 poorer!

Hi all, beware the spreadbetters particularly IG Index, who have relieved my account of £20000 by changing their Terms and Conditions whilst I was already in some trades. I wanted to make sure that it didn't happen to anyone else.
 
I have an account with IG and trade S&P futures contracts (from June) which expired in Dec 09. I had 6/7 short trades on but the market was going up (the futures contracts didn't expire until December so there was still plenty of time for them to get back into the black)! IG panicked and demanded by email that I increase my account to cover margin. I didn't see the email as I was working in Woking and whilst driving home started to receive constant text messages and when I got home an hour later, I saw the texts were from IG closing my trades. I instantly called them and was told that I hadn't provided the required margin so they closed all of my trades. I explained that I was working in Woking and hadn't seen the email and only found out when they texted me closing the trades - I explained that I had the funds available in my bank account.
 
Previously, before the change of Terms and Conditions, I was phoned and then emailed by IG concerning margin. Each and every time I was asked for margin - I duly supplied it on time. I even had an agreement that I would supply the margin within 10 days, which again I duly obliged each and every time. IG then changed their Terms and Conditions, the margin was due immediately - I believe that to be Unfair Contract Terms.

To cut a long story short, they wouldn't reinstate my trades even though I had the margin money in my bank account to cover the shortfall. I wrote to their Compliance Department and they my interpretation of their reply is that they consider that they can do whatever they want - this seems to me to be a licence to print money? They will not return my money nor reinstate the trades (though it is far too late to reinstate the trades now) and said if I was still unhappy my next step was to go to the Financial Ombudsman Service - who take 2 years to answer complaints and they know that.

My message is therefore read every little bit of the T's and C's, even the bit where it states that they can change the T's and C's at any time they wish.

I have written to Watchdog, The One Show and local newspapers - bought 2 domain names IGIndexarecheats.com and IGIndexarecheats.co.uk , igindex-review.co.uk and I will hopefully, with help from all of you guys, stop people from falling into the same trap.
All I want is my money back - IG's legal Department have now threatened to take legal action against me for setting up this website, saying it was defamatory and that I have infringed their trade mark!!! I have responded that the content herein is covered by the first amendment (the right to free speech) and that merely mentioning a company by name is NOT a trade mark infringement. I hope that they will desist forthwith,

I trust that any readers looking for a spreadbetter will be able to adult enough to decide upon a suitable company by themselves. It is not my intention to recommend any other firms, I merely want to highlight some of the potential pitfalls (I'd also like justice and my money!!!). 

I would like to thank the hosting company- Total Choice Hosting in the USA for not kowtowing to IG's legal department.

In the brief period since this site was set up I have been contacted by a number of other unhappy Ig customers.

Ultimately any help you can offer to assist me and the others would be greatly appreciated, thanks