The UK Financial Conduct Authority (FCA) has fined Sigma Broking Limited £1,087,300 for failing to submit complete and accurate transaction reports for five years.
The FCA’s monitoring systems identified issues with the transaction reports submitted by Sigma, which were raised with the firm in May 2023.
In January 2024, Sigma told the FCA that around 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 transactions handled by the firm between 1 December 2018 and 1 December 2023.
These failures were caused by incorrect system setup and persisted uncorrected due to weaknesses in their reporting processes.
This is the second enforcement action against Sigma for inadequate transaction reports, which affects the FCA’s ability to detect and investigate market abuse effectively.
In October 2022, the FCA fined Sigma £531,600 for failing to report on 56,000 transactions and identify 97 suspicious trades between December 2014 and August 2016. The regulator also took action against 3 directors with fines totalling over £200,000, 2 of whom were banned.
