IG provides Brexit update to EEA clients
Online trading major IG Group has earlier today provided a Brexit update to its EEA clients.
The UK-based business of IG Group will no longer be able to service EEA clients after the Brexit transition period ends. Hence, CFD accounts of EEA clients will be set to ‘closings only’ from December 31, 2020. These clients will have at least 30 days to close their positions, before they are closed at the prevailing price from 31 January 2021. Their accounts will then be closed.
Those EEA-based clients of IG who would like want to keep trading CFDs with the broker are advised to transfer their accounts to IG Europe. IG Europe is based in Germany and is authorised and regulated by BaFin and Bundesbank. It offers a range of financial products depending on one’s location, including CFDs, options and turbos.
To transfer, one has to log in to My IG and follow the prompts.
After December 31, 2020, EEA-based clients will still be placed on closings only until their accounts have been successfully transferred. Therefore if you consent to the transfer, you won’t be able to open any new positions from 31 December until the transfer has taken place.
IG expects the transfer to happen in mid-January, and it will notify clients of their transfer date in advance.
Those EEA-based clients who want to keep spread betting with IG are advised to transfer their account to IG Europe. To transfer, please log in to My IG and follow the prompts.
After 31 December 2020, the UK business of IG will no longer be able to offer share dealing accounts to EEA clients. If an EEA-based client has a share dealing account with IG, it will be set to ‘closings only’ from 31 December 2020. The broker reserves the right to sell a client’s holdings and close this client’s account from 31 March. This means that traders will have at least three months to close their positions or transfer them to another provider.
IG will not charge any commission for selling one’s shares between 31 December 2020 and 31 March 2021.
Traders can find more details on how to transfer their positions out of IG here.