IG and Brexit

Z

Zebedee

Registered User
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I received an email this morning from IG.

They want to move your spreadbetting account to IG Europe (German subsidiary). You have to give permission before 24 October and they’ll do the rest (apparently, I have not gone through the process yet). They need to reverify Id. If you don’t want move they may have to close your account.

Re share dealing accounts, they say they may contact you separately if necessary (maybe they have not decided yet).
 
Hi Zebedee

I haven't got the email but I get the message when I log on.

I presume that there is no downside to doing so apart from the hassle?

Brendan
 
I don’t think so. They say that there is unlikely to be an tax implications for UK and Irish customers which seems reasonable to me.

I’m not a big spreadbettor (occasional use for hedging) and my account is small so no huge implications for me. I’ll make the move anyway.

It’s interesting that they are doing this. Irish customers must be valuable to them otherwise it would be easier for them to close accounts.

I’m far more interested what happens to the sharedealing. Interactive have been silent on this also (as far as I’m aware). Transferring holdings to another broker would be a real pain.

I suspect they may be waiting to see whether the European regulators grant “equivalence” for a period post brexit to avoid disruption.
 
I only use IG for a spread bet on Bitcoin.

I have just gone through the steps now. It was just a matter of clicking on 4 buttons and then they said it was done.

They did alert me to have my passport ready, but they didn't ask for it. They will probably ask for that later.

Brendan
 
I had to go through an Id process on line. It was video call. I had to hold up your password at different angles to show watermarks etc. All pretty quick. Process is same for N26.
 
OK, nothing has happened since for me.

I have just got a call from them asking me if I am going to transfer. I did the same process again with the guy on the phone and I got the message "done" but no reference number.

Brendan
 
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