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“Hi all, beware the spreadbetters particularly IG...”

Written on: 23/02/2010

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 basically said 'we can do what we want' - this seems to me to be a licence to print money off unsuspecting punters? 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, therefore - DO NOT USE IG INDEX IF YOU VALUE YOUR MONEY.

I have written to Watchdog, The One Show and local newspapers - bought 2 domain names and and I will hopefully, with help from all of you guys, get to the top of the Google search list and stop people from falling into the same trap, by everyone reading this before opening an account.

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. I will be duly informing all the bodies above and will not stop now until I gain a listing on the front page of Google.

Any help you can offer to assist me to achieve this would be greatly appreciated, thanks


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