FCA fines Sigma Broking Ltd £1,087,300 for systemic transaction reporting failures, after submitting over 924K incomplete or inaccurate MiFIR reports over nearly 5 years

Despite FCA warnings in May 2023, Sigma’s inadequate systems and controls remained unaddressed until an internal review in early 2024 revealed the full scale of errors. This is Sigma’s second enforcement action for similar breaches, following a £531,600 fine and director bans in 2022. The FCA stressed that accurate transaction reporting is critical to detecting market abuse…