RE: THE IG ISA DEBACLE21 Mar 2025 08:32
Winni, there is little doubt about the story since Boobar posted that II completed the swap in mid December.
IG shareholders and IG themselves made one serious mistake I fear. This will make Donkey extremely happy. We expected TG and Tlou to drive the swaps because they alone knew what to expect after due diligence.
My opinion has grown stronger with time , that Tlou did not know there was a problem with ISAs at IG - they had faith that all brokers would know the ropes!
And I , for one , had faith in TLOU.
If Boobar or any of the punters who got their shares in December had told us that , we may have been able to pressure IG into action.
Instead, we had Bob999 telling us his non-ASX broker had supplied him with a share certificate and a few IG victims were being fobbed off with mysterious twaddle about Custodians that never made sense.
Basically, IG did not bother about TLOU and presumably expected TLOU to give them instructions that were never going to be forthcoming. And from another poster on here , it may have cost him shares in his ISA in the distant past.
II come out of this well , they executed the process exactly as we all thought it would progress. TLOU would have evidence that brokers knew what to do! And no evidence that IG did not have a clue. I have never contacted TLOU myself, afaik, thinking I would be hindering progress if the office is replying to incessant queries from all and sundry. If I'd broken that habit, maybe TLOU would have told IG to just get on with it in time. Maybe TLOU were talking to the Sydney office , leaving London in the cold? So IG fell foul of having a presence in Melbourne and Sydney.
https://www.asx.com.au/markets/company/tou
shows share price graph where I expected it ..... 3c is a 1.46p equivalent .... still a bargain price for a share that has never been worth less than 5p+ imho.
Think I'll buy in my Share dealing account and be damned until April 1st when I'll retrieve the cash and get interest on it until I buy in my ISA.