Laura WilesThe FCA has fined Sigma Broking Limited £1.1m for transaction reporting failures.
In January 2024, Sigma informed the FCA that it had submitted approximately 984,000 incorrect reports. Following independent review, it confirmed in February 2025 that the total number of incorrect reports was 924,584 – close to 100% of transactions handled by Sigma in the 5 year period up to 1 December 2023.
The failures were a result of incorrect system setup, and continued due to weaknesses in Sigma’s reporting processes.
This fine marks the second enforcement action against Sigma in relation to inadequate transaction reporting: in October 2022, the FCA fined the firm £531,600 for similar failings, and took action against several directors.