Fines from Transaction Reporting Failures

Recent Examples of FCA Fines

Sigma Broking Limited (August 2025): Fined £1,087,300 for submitting incomplete/inaccurate transaction reports for five years, impacting nearly all transactions due to system setup issues and weak processes.

Infinox Capital Limited (January 2025): Received the first fine under UK MiFIR for failing to submit 46,053 transaction reports for single-stock CFDs, risking undetected market abuse.

Why These Failures Lead to Fines

Market Abuse Detection: Transaction reports are crucial for the FCA to monitor for insider dealing and market manipulation, protecting market integrity.

Risk of Undetected Abuse: Inaccurate or missing reports create blind spots, preventing the regulator from identifying and stopping potential financial crime.

Common Causes of Failures

Incorrect setup of reporting systems. Weaknesses in reporting processes. Errors persisting from initial implementation.

UBS: FCA fines UBS AG £27.6 million for transaction reporting failures >> fine per transaction: 0.203 GBP.

Merrill Lynch: FCA fines Merrill Lynch £34.5 million for failing to report transactions >> fine per transaction: 0.531 GBP.

Merrill Lynch: FCA fines Merrill Lynch International £13.2 million for transaction reporting failures >> fine per transaction: 0.537 GBP.

Deutsche Bank AG: Deutsche Bank fined £4.7m for failing to properly report transactions >> fine per transaction: 0.16 GBP.

Royal Bank of Scotland: The FAC imposes on RBS a financial penalty of £5,620,300 >> fine per transaction: 0.12 GBP.

Goldman Sachs International: FCA fines Goldman Sachs International £34.3 million for transaction reporting failures >> fine per transaction: 0.16 GPB.

Sigma Broking Ltd: The FCA imposes on Sigma Broking Limited a financial penalty of £531,600 pursuant to section 206 of the Act. >> fine per transaction: 9.49 GPB.

Infinox Capital Limited: The FCA imposes on Infinox Capital Limited a financial penalty of £99,200 pursuant to section 206 of the Act >> fine per transaction: 2.15 GPB.

Sigma Broking Limited: The FCA imposes on Sigma Broking Limited a financial penalty of £1,087,300 pursuant to section 206 of the Act. >> fine per transaction: 1.18 GPB.