UK online trading leader IG Group Holdings plc (LON:IGG) noted that the Financial Conduct Authority (FCA) have today issued a letter to all providers and distributors of contracts for difference (CFD) products.
IG informed that it welcomes the FCA’s review on the provision and distribution of CFD products to clients on an advisory or discretionary basis.
IG does not offer advisory or discretionary services for CFD products and has terminated its very small number of relationships with distributors who offer our CFD product on a discretionary or advisory basis to retail clients within the UK and EU.
IG also shared that it believes that it complies with the applicable rules and FCA guidance and that this review has no new financial implications for IG’s business.
The Company commented that has already taken steps to address the observations made by the FCA in their individual letter to IG on this aspect of the industry in October 2017.