* Sector hit by Swiss move to uncap currency in January
* Q3 revenue down 5.1 percent
* Underlying revenue up 7.1 percent
(Adds CEO comments, details, share movement)
By Richa Naidu
March 17 IG Group Holdings has had some
discussions with Britain's financial watchdog over how the
trading platform handled the Swiss franc's surge on Jan. 15,
Chief Executive Officer Tim Howkins said on Tuesday.
"We've had some conversation with them, not a huge amount,"
Howkins told Reuters as IG Group reported a 5.1 percent decline
in third-quarter revenue hurt by the turmoil that followed
Switzerland's removal of a cap on its currency.
Underlying revenue, excluding the Swiss franc movement, rose
7.1 percent, driven by growth in active clients.
"(The Financial Conduct Authority) are talking to people
across the industry ...I think they're principally interested in
understanding how the infrastructure of the market worked,"
The FCA and a clients' group said last week that dozens of
IG clients had written to the FCA to complain about how IG
handled the Swiss franc's movements in January, which left
hundreds with trading losses, including some who said they faced
IG said it had not been told how many people had directly
approached the FCA, which has the power to impose fines and
demand redress. Howkins said less than five consumers had made
formal complaints to the ombudsman.
"It's very common that if clients suffer a significant loss
then their first instinct is to complain," he said.
The FCA, which declined to comment, does not deal with
individual complaints but raises issues with companies privately
if prompted, for example by a large number of complaints made to
Britain's financial ombudsman advises people to give
companies eight weeks to respond to grievances and gives
consumers up to six years after such events to complain.
Shares in IG were down as 0.9 percent as of 1244 GMT on
(Additional reporting by Patrick Graham in London; editing by