IG has announced on its community forum that PayPal will no longer be available as a payment option for users in the UK. This change follows discussions with the Financial Conduct Authority (FCA) Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term, prompting IG to revise its payment methods.

Switch to Apple Pay

Users will need to explore alternative options for funding and withdrawing from their accounts. IG suggests using Apple Pay as a viable alternative. Apple Pay provides instant transactions and high authorization rates, ensuring a smooth experience.

An administrator writes: “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.”

For any questions or concerns regarding this change, users are advised to reach out to IG directly.

IG Subsidiaries FY23 Results

Earlier, three British subsidiaries of IG Group released their fiscal year 2023 (FY23) financial data, as Finance Magnates reported. For two companies, results were worse than the previous year, while one saw a notable increase in profitability.

Reports 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, saw its trading revenue fall to £405.2 million from £453.6 million the previous year.

Its net profit decreased to £171.3 million from £188.2 million, attributed to inflation, higher interest rates, and market volatility. IG Index reported net trading revenue of £236.5 million, down from £262.5 million, with net profit falling to £102.5 million.

IG Trading and Investments, established in August 2022, reported a net profit of £9.17 million, a significant turnaround from the previous year’s loss of nearly £800,000. Total equity rose from £3.5 million to £20.7 million.