Financial Ombudsman Service case outcome
RNS Number: 4577B
IG Group Holdings plc
7 October 2015
IG Group Holdings plc (“the Group”), a global leader in online trading, today announces the outcome of a client case at the Financial Ombudsman Service (FOS) in the UK in relation to the events surrounding the Swiss franc on 15 January 2015. The FOS agreed that IG acted in accordance with the terms and conditions of its Client Agreement and that it complied with its duties of best execution and acted fairly in the way it processed client orders. However, the FOS found that a different contract fill level, beneficial to the client in this case, would have been more reflective of the underlying market liquidity, in what were unprecedented market circumstances. In the interest of bringing this matter to a conclusion, IG has accepted the FOS determination. Therefore, it has adjusted the client account in this specific case and is choosing to proactively apply the same beneficial finding to all other affected client accounts.
The additional financial impact to the Group is around £1 million.
For further information, please contact:
Kieran McKinney Head of Investor Relations 020 7573 0026
Neil Doyle / Ed Berry 020 3727 1141 / 1046
IG is a global leader in online trading, providing fast and flexible access to over 10,000 financial markets – including shares, indices, forex, commodities and binaries.
Established in 1974 as the world’s first financial spread betting firm, IG’s aim is to become the default choice for active traders globally. It is an award-winning multi-platform trading company, the world’s No.1 provider of CFDs* and a global leader in forex, and it now offers an execution-only stockbroking service in the UK, Ireland, Germany, Austria and the Netherlands.
It is a member of the FTSE 250, with offices across Europe, Africa, Asia-Pacific, the Middle East and the US, where it offers limited risk derivatives contracts via the Nadex brand.
*Based on revenue excluding FX, published financial statements, July 2014.