FCA and IG Group discuss post SNB actions due to abundant complaints

FCA IG GroupThe Financial Conduct Authority, UK’s watchdog, have been in discussion with IG Group Holdings Inc., upon the measures and handlings the broker took in the reluctant aftermath of the SNB Black Swan. IG Group CEO, Mr. Tim Howkins made it publicly known that the discussions with the UK FCA commenced recently and that it is still in the initial phase.

It has been only a week since the regulator and a group of indebted clients announced that a number of IG clients had sent the UK watchdog written complaints, about the manner of handling by IG Group post the appalling SNB incident on the 15th of January, 2015. Due to the taken measures of IG Group, the broker left hundreds, if not more, with huge losses and even some have been reported to face bankruptcy. Hence, FCA and IG Group discuss post SNB actions due to large scale of these complaints.

Earlier today, various relating news items have been released upon IG Group. One of special interest is the Revenue distribution report, considering the brokerage confirms a 7.1% growth over the last quarter, excluding the SNB harsh impact. However, when assessing the figures whilst including the SNB data, it can be concluded that IG Group recorded a 5.1% decline in revenue for the given time frame.

Relating back to the unsettled IG clients and the discussions with the FCA, the brokerage has stated that it is uncertain upon the exact number of individuals that have filed a complaint with the FCA. In contrast, the UK watchdog has not provided any official figures upon the scale of complaints made, keeping IG Group in the dark. Essentially, the FCA does not normally occupy itself with individual complaints, however in special cases with a large abundance of formal objections, the regulator privately confers with the company of attention.

For this particular case, the UK watchdog has advised the unsettled IG clients to reserve up to eight weeks for the retrieval of a proper response, considering the complex case. Additionally, clarification was made upon the time limit for filing a complaint upon this case, which has been elongated up to a striking six years.

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