Trading group chief heads off

INVESTORS wiped £343m off trading firm IG Group after its boss quit unexpectedly amid a crackdown by watchdogs.

Peter Hetherington, 49, said he was standing down immediately but will continue to offer advice until a successor is found. Chief financial officer Paul Mainwaring, 55, will be interim chief executive.

It comes as regulators target risky forms of trading, such as spread betting, fearing that people are being encouraged to gamble without understanding the dangers.

The change sent shares down 12.8pc, or 93.5p, to 640p.