UK FOS rule that IG should have given better fill levels
IG Group has said that it plans to pay out £1m in compensation to clients who lost money over the SNB cap pull after the UK Financial Ombudsman Service ruled that they could have filled clients at better levels;
"reflective if the underlying market liquidity"
The FOS did however add that IG had;
"acted fairly and complied with principles of best execution"
Although the ruling was on one single claim, IG have extended the payment to other clients
What is unclear is how much this will change the losses for clients as the payout of £1m looks to be low compared to the total losses sustained over the SNB incident. Of £11.8m the company said they got hit for, around £3m has been recovered
While this looks good initially for anyone fighting fill levels with their broker, it does look like it will amount to only a marginal change to negative balances. That won't be confirmed unless we hear what the revised levels are
