IG to close its sales office in the capital

INTERNATIONAL contracts-for-difference (CFD) provider and spread-betting firm IG is closing its Irish sales office.

The UK company has written to clients in Ireland informing them of the decision to close the Dublin base.

“We’re writing to let you know that over the coming weeks we will be closing our local sales office in Dublin,” it said in the letter. “Rest assured that this won’t affect your account in any way, or the way you deal with us.”

It added its Irish clients’ margin trading customer agreements and share dealing agreements will remain with IG Markets, and spread betting customer agreements will remain with IG Index.

“Both of these companies are authorised and regulated by the Financial Conduct Authority (FCA) in the UK,” noted IG. “The FCA has always regulated, and will continue to regulate, the main activities in respect of your CFD, spread betting or share dealing accounts. This includes the way we execute your orders and hold your money and assets.”

It noted its Irish sales office was supervised by the Central Bank of Ireland only in respect of the activities it undertook locally.

“Our client services team will continue to operate as normal from our London office, and is always on hand to help you with your trading,” the firm told clients.

IG, which was founded in 1974 as the world’s first spread-betting firm, now bills itself as the world’s number one spread-betting and CFD provider.

Last month, it reported that its revenue in the quarter to the end of August jumped 21.4pc to £135.2m (€152m) as its client base expanded. Revenue in the UK jumped 11pc to £58.8m.