IG customer alleges ISA transfer mishandled, funds blocked
A Trustpilot user claims IG incorrectly treated an ISA transfer as a new deposit, blocking their ability to invest. The user says repeated contacts over months yielded no resolution.
IG is in the FXCanary database Our review · 20/100 →What the reviewer wrote“Avoid at all costs. Avoid at all costs. I transferred my ISA to them in which I had only added money in previous fiscal years. After transferring, they said I had reached my ISA limit for the fiscal year as if my transfer counted as a deposit. I contacted them multiple times over different months only to get told they were looking into it and I would hear back, meanwhile making me unable to invest the cash I had been leaving on the side for my ISA.”
A Trustpilot user has filed a complaint against IG, a major online trading platform, alleging that the company mishandled an ISA transfer, leaving the customer unable to invest their funds. According to the post, the user transferred an existing ISA to IG, having only added money in previous fiscal years. After the transfer, IG reportedly told the user that they had reached their ISA limit for the fiscal year, implying that the transfer was counted as a fresh deposit.
The user states that they contacted IG multiple times over several months, only to be told that the matter was being looked into, with no follow-up. This left the cash sitting idle, preventing the user from investing, which they described as a significant inconvenience.
While the complaint does not accuse IG of theft or fraud, it highlights a potential operational or regulatory misunderstanding. If true, it raises questions about IG's handling of ISA transfers and their communication with clients. It's important to note that ISA rules are complex, and transfers should not affect annual subscription limits, as per HM Revenue & Customs guidelines. However, the complaint suggests that IG may have misapplied these rules, resulting in a negative customer experience.
This incident underscores the importance of clear communication and efficient resolution of customer issues in the financial services industry. For traders, it serves as a reminder to keep records of all correspondence and to escalate unresolved issues to regulatory bodies if necessary.
If you encounter similar issues with your broker, consider the following steps: - Document all communications, including dates and responses. - Contact the broker's compliance department directly if customer service fails to resolve the issue. - Reach out to the relevant financial ombudsman or regulator, such as the Financial Ombudsman Service in the UK. - Be cautious about moving funds until disputes are resolved, and consult a financial advisor if you're unsure about tax implications.
This report is based solely on the claims made in the Trustpilot review, and IG has not yet publicly responded.
This report summarises a third-party post; all allegations are attributed to the original source and are not independently verified by FXCanary. It is not a statement of fact or a legal judgment. Firms may request a correction.