IG Group Repays $1.5 Million to Clients Over Swiss Franc Turmoil
- U.K. mediator ruling follows record currency surge agains euro
- IG Group accepts ombudsman's ruling and compensates customers
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IG Group Holdings Plc has accepted a ruling by the U.K.’s Financial Ombudsman Service that it should compensate some customers that lost money during a rapid appreciation of the Swiss franc in January, costing the spread-betting company about 1 million pounds ($1.5 million).
“The FOS found that a different contract fill level, beneficial to the client in this case, would have been more reflective of the underlying market liquidity, in what were unprecedented market circumstances,” IG said in a statement Wednesday. “In the interest of bringing this matter to a conclusion, IG has accepted the FOS determination” and will “pro-actively apply the same beneficial finding to all other affected client accounts.”