Sigma fined £1m for system that yielded "close to 100%" flawed reports

Sigma Broking has been penalised over £1 million for running a transaction reporting system that for five years submitted FCA reports which were nearly all inaccurate and incomplete. In total, nearly one million reports were filed in the period to December 2023.

By Neasa MacErlean

The period came just 28 months after the end of another timespan of 20 months, when other reporting failures occurred and for which the firm was fined £531,600.