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Release Date: 4th October 2022

To access the original FCA document, click here.

Summary

Sigma Broking Limited was fined £531,600 by the Financial Conduct Authority (FCA) on 4 October 2022 for significant compliance failures. The fine, reduced from £590,700 due to a 10% early settlement discount, addressed breaches of regulatory reporting and market abuse controls between 1 December 2014 and 12 August 2016. Sigma’s governance, risk management, and compliance functions were found severely lacking, compromising the integrity of the financial system.

Key Takeaways for Other Firms:

Summary of Findings:

In conclusion, the FCA’s penalty against Sigma Broking Limited underscores the critical importance of robust compliance and governance frameworks in financial firms. Effective risk management, accurate regulatory reporting, and diligent monitoring are essential to maintain the integrity of the financial system and avoid significant regulatory penalties.

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