Ombudsman ruling to have million pound impact on IG Group

IG Group will correct a number of client accounts at a total cost of £1m after a ruling from the Financial Ombudsman Service.

The Ombudsman completed its investigation into the FTSE 250 trading company and events surrounding the Swiss franc in January after a complaint from a client.

It said that while the company acted in accordance with the client agreement and acted fairly, a different contract fill level would have been more beneficial for the client.

Its ruling stated the different level would have been more reflective of the underlying market liquidity in what were “unprecedented market circumstances”.

IG Group Holdings has accepted the ruling and has adjusted the complainant’s account, as well as applying the same finding for other affected clients.