Mark Grogan v IG Index Ltd

Facts

The claimant, Mark Grogan, described himself as addicted to gambling, having lost around £250,000 on online gaming platforms before 2018, including £256,000 with bet365 over 16 months from August 2011. In May 2018 he opened a spread betting account with the defendant, IG Index Ltd, a firm regulated by the Financial Conduct Authority under the Financial Services and Markets Act 2000 and subject to the Conduct of Business Sourcebook. He completed an appropriateness test on 30 May 2018, failing at the first attempt and passing minutes later, and opened a limited risk account which, at his own request, was upgraded to a 'plus' account in June 2018. He was assigned to the defendant's Premium Client Management Desk, dealing first with Ms Sara Riley and later with other account managers. Between 30 May 2018 and the closure of the account on 12 January 2022 he deposited some £1,751,731 and lost in excess of £1 million, funding deposits in part from the sale of investment properties. He sued in the Business List of the Business and Property Courts in Manchester, alleging ten breaches of duty grouped as an Appropriateness Case, a Vulnerability Case and a Best Interests Case, together with breach of fiduciary duty. The claim was tried over three days in November 2025.