FCA imposes £1.1m fine on Sigma
04 August 2025 UK
Image: Ascannio/stock.adobe.com
The UK Financial Conduct Authority (FCA) has issued Sigma Broking a £1,087,300 fine for presenting inaccurate reports for half a decade.
After an independent review in February 2025 Sigma notified the FCA that 940,000 incorrect reports were provided.
Nearly 100 per cent of transactions managed by the firm between 2018 and 2023 were implicated.
The transaction report errors were first picked up by the regulator’s monitoring systems in May 2023.
The mistakes were generated by an incorrect system setup and continued unremedied because of shortcomings in their documenting process.
Sigma cooperated with FCA at an early stage for the fine, initially totalling £1,553,300, so received a 30 per cent discount.
Steve Smart, joint executive director of enforcement and market oversight at FCA, says: “The transaction reports we receive are crucial to the work we do in combatting financial crime. Sigma’s failures were serious, sustained and showed a lack of care. We will take action whenever we identify such failures.”
This is Sigma’s second penalty for failing to provide correct transaction documentation, which hampers the FCA’s means of identifying and examining market exploitation efficiently.
The FCA previously issued a £531,600 fine for Sigma after it neglected to outline 56,000 transactions and name 97 suspicious dealings between 2014 and August 2016.
Three directors received penalties of fines adding up to more than £200,000 and two were banned.
After an independent review in February 2025 Sigma notified the FCA that 940,000 incorrect reports were provided.
Nearly 100 per cent of transactions managed by the firm between 2018 and 2023 were implicated.
The transaction report errors were first picked up by the regulator’s monitoring systems in May 2023.
The mistakes were generated by an incorrect system setup and continued unremedied because of shortcomings in their documenting process.
Sigma cooperated with FCA at an early stage for the fine, initially totalling £1,553,300, so received a 30 per cent discount.
Steve Smart, joint executive director of enforcement and market oversight at FCA, says: “The transaction reports we receive are crucial to the work we do in combatting financial crime. Sigma’s failures were serious, sustained and showed a lack of care. We will take action whenever we identify such failures.”
This is Sigma’s second penalty for failing to provide correct transaction documentation, which hampers the FCA’s means of identifying and examining market exploitation efficiently.
The FCA previously issued a £531,600 fine for Sigma after it neglected to outline 56,000 transactions and name 97 suspicious dealings between 2014 and August 2016.
Three directors received penalties of fines adding up to more than £200,000 and two were banned.
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