IG has announced that it will no longer offer PayPal as a payment option for its UK users, following discussions with the Financial Conduct Authority (FCA). The company recommends Apple Pay as an alternative for seamless transactions.
Transition to Apple Pay
UK users will need to find new ways to fund and withdraw from their accounts, as IG suggests switching to Apple Pay. This payment method ensures instant transactions with high authorization rates, providing a smooth user experience.
An IG administrator stated, “This decision follows discussions with the FCA and has led us to adjust our payment methods. Rest assured, we have alternative options in place for funding and withdrawing from your account. We suggest utilizing Apple Pay, which offers instant transactions with high authorization rates for a smooth experience.”
Users with questions or concerns about this change are encouraged to contact IG directly.
Financial Performance of IG Subsidiaries in FY23
Recently, three British subsidiaries of IG Group released their fiscal year 2023 (FY23) financial results, as reported by Finance Magnates. Two of the subsidiaries experienced a decline in profits, while one saw a significant improvement.
Financial statements from IG Markets Limited, IG Index Limited, and IG Trading and Investments Limited are available in the British Companies House register. IG Markets, which provides over-the-counter (OTC) trading services, reported a drop in trading revenue to £405.2 million from £453.6 million the previous year.
The net profit for IG Markets decreased to £171.3 million from £188.2 million, affected by inflation, rising interest rates, and market volatility. IG Index recorded net trading revenue of £236.5 million, down from £262.5 million, with net profit decreasing to £102.5 million.
In contrast, IG Trading and Investments, established in August 2022, reported a net profit of £9.17 million, marking a notable turnaround from the previous year’s loss of nearly £800,000. Total equity increased from £3.5 million to £20.7 million.
