Release Date: 4th October 2022

To access the original FCA document, click here.

Summary

Mr Matthew Charles Kent has been fined £83,600 by the Financial Conduct Authority (FCA) for significant regulatory breaches while serving as a Director at Sigma Broking Limited between 1 December 2014 and 12 August 2016. The fine was reduced from £92,900 due to a 10% discount for early settlement. Kent’s failings included inadequate governance, risk management, and compliance oversight, particularly related to Sigma’s expansion into contracts for difference (CFDs) and Spread-Bets, which are high-risk financial products.

Key Takeaways for Other Firms:

Summary of Findings:

Conclusion:

Mr Matthew Charles Kent’s significant failings in governance, risk management, and compliance oversight while serving as a Director at Sigma Broking Limited led to substantial regulatory breaches. The FCA’s fine of £83,600 underscores the importance of robust governance, thorough risk assessments, and effective compliance functions to prevent market abuse and ensure regulatory adherence. Other firms should take note of these key takeaways to avoid similar penalties and uphold the integrity of the financial system.

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