The UK financial behavior Authority (FCA) has been fined on Sigma Broking Limited £ 1,087,300 for failure to submit complete and accurate transaction reports for five years.
FCA monitoring systems identified issues with the transactions reported by SIGMA, which increased with the operation in May 2023.
In January 2024, Sigma told FCA that about 984,000 incorrect reports had been submitted. Following an independent review, Sigma confirmed in February 2025 that the total number of incorrect reports was 924,584, close to 100% of the business handled by the business between December 1, 2018 and December 1, 2023.
These failures were caused by incorrect system regulation and continued unnecessary due to weaknesses in their reference procedures.
This is the second action against SIGMA for inadequate transactions, which affect FCA’s ability to detect and effectively investigate market abuse.
In October 2022, the FCA imposed a fine of SIGMA £ 531,600 for failing to report 56,000 transactions and identify 97 suspicious transactions between December 2014 and August 2016.