IG Group Holdings plc (LON:IGG), a leader in spreadbetting and CFD trading, earlier today updated on the client case in relation to the events from January 15, 2015, which have seen steep moves in the value of the Swiss franc. The case was reviewed by the Financial Ombudsman Service (FOS) in the UK.
IG Group said today that the FOS agreed that the company had acted in accordance with the terms and conditions of its Client Agreement and that it had complied with its duties of best execution and acted fairly in the way it processed client orders.
The FOS, however, found that a different contract fill level, beneficial to the client in this case, would have been more reflective of the underlying market liquidity.
As IG would like to bring this matter to a conclusion, it has accepted the FOS determination. As a result, it has adjusted the client account in this specific case and has decided to proactively apply the same beneficial finding to all other affected client accounts.
The additional financial impact to IG Group from this move is approximately £1 million.
IG Group’s Annual Report 2015 has put the cost of “Black Thursday” events for the group at £27 million.
To view the official announcement from IG Group on the FOS decision, click here.